Jordache Jeans Heirs Buy Versace Mansion for $41.5 Million

Categories: Unreal Estate

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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.

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.

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15 comments
sarah.robinson550
sarah.robinson550

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Passiflora
Passiflora

At least that vampire Barton G. isn't running it anymore. 

Mo Perlman
Mo Perlman

Congrats on buying a 42 million dollar house. Now all you need is a 42 million dollar car and you'll have completed the entire rich asshole package.

frankd4
frankd4 topcommenter

the public information on this property is what makes it interesting - otherwise who knows what SOBE real estate transactions REALLY close for - and at one time the "asking price" was $175 million

the book MIAMI BABYLON also has other SOBE real estate stories which are interesting as far as recognizing the sources of funds for these deals are sometimes from shady characters

otherwise the real BIG miami real estate deals typically involve UM 

GREGGRORYHOLLAND
GREGGRORYHOLLAND

So you're saying I could have won if I paid $42 million? ;-$

WhyNotNow
WhyNotNow topcommenter

So if you bought a property in Miami in 2000, the last year this sold, it should now be worth 66% more ( cases hillier data). Which means this would be at about $31.5million. Not too shabby. All real estate can ever do is go up. Check out what they are asking for 616 Collins ave. this was a steal.

internetinternet
internetinternet

Tainted property.  Should be interesting to see how many other problems the property has. 

frankd4
frankd4 topcommenter

@WhyNotNow 

i never know when it comes to MIAMI real estate

frankd4
frankd4 topcommenter

the standard calculation is that asset value should DOUBLE every TEN years to obtain a reasonable return on investment - what you don't know with this house is how much money was pumped into the place AFTER the initial purchase

WhyNotNow
WhyNotNow topcommenter

Frank, I was being facetious....

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