Versace mansion brings $41.5M, will be converted to hotel

Nakash family of Jorache jeans to license Versace name

by Emily Schmall

                                        

Casa Casuarina and pictured from left: Jill Eber, Joe Nakash and associate Eli Gendi

 

UPDATED 11:06 a.m., Sept. 17: The Nakash family of Jordache jeans fame bought the Versace mansion at auction today, putting in a high bid of $41.5 million and announcing plans to convert the palatial Mediterranean-style estate into a hotel with the Versace name.
Now called Casa Casuarina, the former estate of slain Italian fashion designer Gianni Versace went to the Nakashes in a closed-door auction within its frescoed walls.

“We bought history,” a visibly pleased Joe Nakash, the chairman of Jordache Enterprises, told reporters on the steps of the mansion, dismissing the possibility of a massive renovation or teardown. “We paid $41.5 million for it and it’s going to stay as it is,” he said, adding that he will approach the Versace family about licensing the name.

The villa was originally listed for $125 million but went on the auction block after lenders foreclosed on owner Peter Loftin.

Despite a worldwide marketing campaign, the estate of the late fashion designer Gianni Versace netted only three bidders — Donald Trump, who is redeveloping an 800-acre golf course in Doral; Palm Beach Polo and Country Club owner Glenn Straub; and VM South Beach, owned by the Nakash family of Jordache jeans fame.

The requirements of the auctioneer, Miami-based Fisher Auction Co., were a $3 million deposit placed in escrow and proof of at least $40 million in liquid assets.
VM South Beach is the chief creditor in the foreclosure case. As such, the family took advantage of an option to make a stalking horse bid of $25 million, and were able to bid up to $34 million without putting up any additional cash based on what a court says they are owed.
The house was sold with the furnishings, stain glass and mosaic arranged in the eccentric, baroque style of Versace. Features include a 24-karat gold-lined swimming pool and a guest suite fitted out for once frequent visitor Madonna.
The property was initially listed by the Jills, a Coldwell Banker brokerage headed by Jill Eber and Jill Hertzberg. The $125 million asking price was reduced twice before parties agreed to an auction in July after the tenant, Miami restauranteur Barton G. Weiss, successfully sued to break his lease.

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Call or email Debbie Lazoff at 305-903-0118, debbielazoff@gmail.com or Bobby Auerbach at 954-547-3600, bobby@bobbyauerbach.com for more information on this one of a kind boutique condo on Hollywood Beach.

Miami-Dade developers dabble in white-glove amenities

1000 Museum to offer the city's first condo helipad

                                                         

1000 Museum at 1000 Biscayne Boulevard in Miami

Miami-Dade County developers have increasingly tailored their buildings’ amenities and services to the needs of the super-luxury buyer.
To attractive clients who travel often, developers will offer vaults — or a condo helipad. The residential tower 1000 Museum at 1000 Biscayne Boulevard – slated to open early next year – is providing the first private helipad in the city. A 4,600-square-foot unit on the 16th floor recently sold for $5.25 million.
The number of properties that sold for $5-plus million rose more than 24 percent year-over-year from last year, according to data from market research group TrendGraphix.
“But the real standout player was the ultra-prime properties priced over $10 million, which saw an impressive 50% increase, with 15 of those properties closing in the first six months of the year,” One Sotheby’s International Realty founder Mayi de la Vega said. — Mark Maurer

Venezuelans revive Jewish heart of Aventura

Jewish high holidays take on air of Caracas

Sky Lake Synagogue

Aventura’s aging Jewish population has been infused with young blood as Venezuelans lead a Latin American exodus to the Miami-Dade suburb.

Talk in Spanish fills the halls of the bustling Michael-Ann Russell Jewish Community Center; at the nearby Sky Lake Synagogue, membership is now 85 percent Latino, with most from Venezuela.

Even the bat mitzvahs, coming-of-age ceremonies for young Jewish girls, are organized like those in Venezuela, the AP reported.

Like other Venezuelans, some Jews emigrated for political or economic reasons, but many here point to growing hostilities at home from the Chavistas, the followers of the late president Hugo Chávez.

Sky Lake Synagogue was established in the late 1960s by Jews of mostly Eastern European descent. Fifty years later, dwindling numbers nearly forced the synagogue to shutter — until Chávez became president in 1999.

The synagogue now regularly has standing room only during high holiday services and most members are between 35 and 55 years of age, according to the report. — Emily Schmall

Florida borrowers eligible for mortgage a year after foreclosure

New state rule reduces wait time for receiving a home loan.

                                                 

Florida borrowers can receive a home loan only one year after a foreclosure, thanks to a state rule change announced last week.
Previously, the wait time was three years for a short sale and foreclosure, and two years for a bankruptcy. The wait is now the same for all of these. According to the Federal Housing Administration, borrowers are eligible if they went through a recession-era “economic event” that caused them to lose their house, by no fault of their own.
The wait begins the date of a final foreclosure auction, the discharge date on a Chapter 7 bankruptcy or the date of closing on a short sale. The new rule expires at the end of September 2016.
“This is a pretty big event,” Alice Vickers, an attorney who represents the Florida Consumer Action Network, told the Palm Beach Post. “The housing bubble came about through no fault of consumers so it seems right to address this issue and allow them to more easily become homeowners again.”
Since 2007, more than 110,000 foreclosures have been filed in Palm Beach County. Across the state, about 340,000 foreclosures are pending. Palm Beach Post— Mark Maurer