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.
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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.