Versace Mansion Goes to Bankruptcy Auction

“It will be the auction of a century,” said Lamar Fisher, president and CEO of Fisher Auction Company. “It provides an opportunity for the world to react and compete for this awesome property.”

The home is being auctioned with all the furnishings intact. Versace reportedly spent some $33 million in renovations, adding a 24-karat gold-lined pool, hand-painted walls and ceiling frescoes, among other custom upgrades. Today, the mansion is considered a South Beach showpiece, combining fine European craftsmanship with an Italian designer’s eye for luxury.

“Casa Casuarina LLC owes money to VM South Beach,” Fisher explained. The Nakash family of denim manufacturer Jordache Enterprises became the secure lender, VM South Beach, after buying a note from Loftin’s original lender. “They are the stalking horse,” Fisher said. “They will start bidding at $25 million.”

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