Versace Mansion Could be Transformed into a Retail Flagship
Oct 07, 2013 October 07, 2013
Could you one day walk into the Versace mansion to buy your next Apple product?
The idea is not as far-fetched as you might first imagine.
When the famed Versace mansion recently sold at auction, speculation quickly began regarding the fate of the property. An investor group, VM South Beach LLC, ultimately walked away with the property. The group includes the Nakash family, of Jordache jeans fame.
The Nakash family beat out some hefty competitors to win the property at auction. Also in attendance at the auction was the son of Donald Trump, who represented his father at the auction and submitted a bid of $41 million. In the end, the Nakash family beat Trump's bid by a mere $500,000.
Initially, the head of Jordache Enterprises indicated possible plans for converting the property into a boutique hotel. The Nakash family already operates a hotel adjacent to the Versace property. Mr. Nakash even indicated that he planned to seek permission from the family of the late designer to license the Versace name for the proposed hotel. Hotel Victor, the Nakash-owned property situated adjacent to the Versace mansion, recently underwent a multi-million dollar renovation.
A hotel is not the only option for the property, however.
The director of real estate for Nakash Holdings, Jon Bennett, has also expressed an interest in potentially turning at least a portion of the mansion into a retail space.
Spanning 23,000 square feet and featuring 10 bedrooms, the property offers ample space. Possible options that have been tossed around include Victoria's Secret and Apple. Located at 1116 Ocean Drive, the mansion was first known as Casa Casuarina. Originally constructed in 1930, the property was later purchased by the famed fashion designer Versace, who unfortunately died just five years later.
Regardless of what the future may have in store for the mansion, the property remains a famed icon in Miami and has continued to be known informally as the Versace Mansion. Bennett has indicated that final plans for the property will include consideration regarding the unique nature of the property and the surrounding community.