Miami Condo Market and Lifestyle Updates
One of America’s Previously Most Expensive Homes for Sale Now on the Auction Block

One of America’s Previously Most Expensive Homes for Sale Now on the Auction Block

by Sep Niakan | August 26, 2013

It has happened before in the luxury real estate market and will almost certainly happen again that a shockingly high priced, high-profile property will sit on the market until the weight of its own complications brings its price tumbling down at auction. So it is for the Casa Casuarina, more popularly known as the Versace Mansion, located at 1116 Ocean Drive in Miami Beach, which has recently been approved by a federal bankruptcy court to be sold at auction in Miami. As recently as June 2012, the mansion held a place on the Forbes list of most expensive homes in America, at $125 million, only to be put up on the auction black on September 17 of this year.

                                                          

The creditor’s initial bid for the South Beach property is $25 million, though it retains the right to raise that bid to as much as $32.7 million, indicated that prospective buyers must surpass these bids in order to acquire the manse. Even with an initial bid at the staggeringly steep 80 percent discount, potential buyers will be required to provide a $3 million deposit by September 12 and prove access to funds of at least $40 million just to enter the bidding pool. These bidders will have the option to purchase the property as a residential unit or as a commercial venue.

The decision to auction the house off is the culmination of nearly two years of law suits and a Chapter 11 bankruptcy entered into last month to avoid foreclosure. The foreclosure was filed in December 2011 after an allegation that the majority owner of the property, entrepreneur Peter Loftin, had defaulted on a $25 million mortgage note. Property taxes have also not been paid for over three years.

 

                                                                                                                                                        


                                                                     More Pictures Available Here

Pictures available here
Pictures available here
Pictures available here
Pictures available here
Pictures available here

Recent posts

Opinions and Advice

Miami Pre-Construction Frequently Asked Questions

by Sep Niakan | May 22, 2017

How much is the fee to have a knowledgeable and licensed Miami real estate broker help me select the right property? How much of my money does developer use during construction? What are the penalties if I decide to cancel my pre-construction...

Opinions and Advice

Comprehensive Guide to Buying a Pre-construction Property or Condo in Miami

by Sep Niakan | May 22, 2017

Why You Need to Read This Miami Pre-construction Condo Guide Miami Pre-Construction Phases How to Negotiate the Best Miami Pre-Construction Deal How to Finance Pre-Construction Property Closing Costs for Pre-Construction...

Lifestyle

Save the Date for these Stellar June Events in Miami

by Sep Niakan | May 20, 2017

With summer here, Miami turns up the heat with the hottest events lining up for the month of June. You can find a new way to spend each day, whether it's catching up on international cinema, going on a food-eating spree, or peering over the...

Real Estate News

Luxury Miami Condo Report : April 2017

by Sep Niakan | May 18, 2017

Miami Luxury Condo Report Overall Market Summary   City and Neighborhood Luxury Condo Reports   Miami Beach Luxury Condo Report South Beach Luxury Condo Report Mid-Beach Luxury Condo Report   Surfside Luxury...