And, that’s not all. To qualify, bidders must make a $3 million deposit as well as show proof of funds no less than $40 million. Once the highest bidder is determined, he or she must tender a 10 percent deposit, inclusive of the $3 million, immediately.
This may seem like a steep price to pay, even for a 23,462-square-foot oceanfront property, but not compared with the home’s first asking price of $125 million when it hit the for-sale market last year. Loftin listed the property while leasing it to star Miami chef Barton Weiss, who converted the 10-bedroom, 11-bath home into the Villa by Barton G. Earlier this year, Weiss filed an emergency injunction, removing his hotel business on the grounds that the owners were hiding the home’s imminent default.
The South Florida Business Journal now confirms the home’s mortgage is listed at $30 million in bankruptcy filings.
“It’s going to sell,” Fisher concluded. “We already have a $25 million bid.”
Article Appeared @http://homes.yahoo.com/news/versace-mansion-goes-bankruptcy-auction-163842570.html