Being such an iconic property, fueled by the glamour of Gianni Versace and then his untimely murder, his home on Miami Beach, Casa Casuarina has had an equally checkered past since his passing.
The property was sold by Versace’s heirs to telecom entrepreneur Peter Loftin in 2000 for $20 million. Loftin used it as his private home for a few years before turning it in to a private members club (charging an initial $50,000 fee). Then everything started to fall apart. There’s no doubt that Loftin, was / is a wealthy guy, but he was hit up in a paternity suit, then got mixed up with Ponzi Schemer Scott Rothstein, who purchased a share in the business and operated the restaurant / club before the US government threw a lien on the property and seized his ownership interest. With Rothstein gone, Loftin tried to revive the property by bringing in Barton G to run the hotel / restaurant. As all of this was going down, Loftin listed the Mansion for $125 million.
Without knowing the exact timing on all of this, Loftin it seems had obviously had quite a bit of trouble with the house. He had a mortgage on it, which was purchased by the Nakash brothers (Jordache fashion empire).
By late 2013, Casa Casuarina was officially in foreclosure and was auctioned off, as the stalking horse bidder, Nakash(s) won.
Casa Casuarina has in some way shape or form remained open since the auction, with mixed reviews. However it seems that the property will get a new lease on life, the Nakash brothers are planning to keep it open as a hotel, they purchased adjoining property where they plan to build a modest “tower”. The mansion will remain the heart of the hotel, the public spaces and suites, the “tower” will be the standard guest rooms.
We’re pretty excited to see what comes of all this, it’s ben a long road and Casa Casuarina is a truly unique property. Lets hope it all goes according to plan.