Jordache Jeans Heirs Buy Versace Mansion for $41.5 Million
At the end of the day, it didn't go to Donald Trump or Posh and Becks, but rather to VM South Beach, the property's current mortgage holder, which is owned by the Nakash family, who made their money in Jordache jeans. The final price was $41.5 million, a few million short of the $47 million record for most expensive home purchased in Miami-Dade.
See also: Inside the Versace Mansion
The Nakash family had purchased the bank note representing former owner Peter Loftin's mortgage on the iconic Ocean Drive building and had been aggressively pursuing foreclosure proceedings. The auction ends a messy legal battle between Loftin and the Nakashes, and now the family has the property they've always wanted.
The Nakashes already own three hotels on South Beach. Though they haven't publicly indicated what they plan to do with their new property, many observers expected the eventual buyers to use the home as some sort of hotel, restaurant, or private club.
2017 FAU Baseball Season Tickets
TicketsSat., May. 20, 7:00pm
Fight Time #37
TicketsFri., Jun. 16, 8:00pm
NPC Southern States Bodybuilding Championships vs. NPC Southern States Fitness & Figure Championships
TicketsFri., Jul. 7, 6:00pm
EL CLASICO MIAMI: Real Madrid CF v. FC Barcelona
TicketsSat., Jul. 29, 7:30pm
Update: The family also owns The Victor hotel next door, and will operate the property as a boutique hotel in conjunction with the Victor.
Eric Trump (yes, son of The Donald) and Glen Straub of Palm Beach Polo and Country Club were the Nakashes' main competitors, but they backed off after a top bid of $41 million.
Get the ICYMI: Today's Top Stories Newsletter Our daily newsletter delivers quick clicks to keep you in the know
Catch up on the day's news and stay informed with our daily digest of the most popular news, music, food and arts stories in Miami, delivered to your inbox Monday through Friday.