Versace Mansion Sale approved by bankruptcy judge

Posted on Friday, September 20th, 2013 at 2:13pm.

Photo by Manny Hernandez Getty ImagesThe former mansion of Gianni Versace on Ocean Drive in South Beach is now sold.  The bankruptcy judge approved the sales price of $41,500,000.  The buyer is VM South Beach LLC, which owns the Victor Hotel next door.  VM South Beach LLC is owned by the Gindi and Nakash families of New York.  The Nakash family is famous for owning Jordache Jeans. 

Photo by Manny Hernandez/Getty Images

The plan is to operate the former single family residence as a hotel in conjunction with the Victor Hotel next door. 

I believe this is a great purchaser for this property.  Ocean drive is an unlikely location in today's world to find a mega mansion single family home. A hotel is a higher and better use of the property.  The Victor Hotel is one of my favorite hotels on Ocean Drive, and expanding the current services of the hotel next door is a good economic decision for this boutique and iconic property.

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