Local Family Beats Trump Effort to Win Versace Mansion Auction; Event Showcases Region’s Luxury Lifestyle

on Saturday, 21 September 2013. Posted in forte related

Local Family Beats Trump Effort to Win Versace Mansion Auction; Event Showcases Region’s Luxury Lifestyle

News this week that a South Florida family spent $41.5 million to win the fabled Versace mansion at auction is the latest in a list of sales that showcase the economic, residential and commercial real estate recovery across Miami Beach, Coral Gables, Coconut Grove and the region.

Joe Nakash, patriarch of the Jordache Jeans family, said after Tuesday’s auction that he plans to turn the mansion at 1116 Ocean Drive in South Beach into an offshoot property of the Hotel Victor next door, which Nakash also owns. If bankruptcy court approves the deal, Nakash might even seek to license use of the Versace name.

The buy, and resurrection of the use of the Versace property, bodes well for business and development in South Beach.

News this week that a South Florida family spent $41.5 million to win the fabled Versace mansion at auction is the latest in a list of sales that showcase the economic, residential and commercial real estate recovery across Miami Beach, Coral Gables, Coconut Grove and the region.

Joe Nakash, patriarch of the Jordache Jeans family, said after Tuesday’s auction that he plans to turn the mansion at 1116 Ocean Drive in South Beach into an offshoot property of the Hotel Victor next door, which Nakash also owns. If bankruptcy court approves the deal, Nakash might even seek to license use of the Versace name.

Nakash beat out Eric Trump, son of developer-celebrity Donald Trump, and Palm Beach Polo owner Glen Straub, who together reportedly bid $41 million.

The buy, and resurrection of the use of the Versace property, bodes well for business and development in South Beach. Yet, any resurgence of the Versace property could reach beyond the MacArthur Causeway to mainland Miami. During his life, designer Gianni Versace’s purchase and renovation of the property, and his life in South Beach, was a beacon of celebrity for the region. His investment helped highlight residential and commercial opportunities here, especially by celebrities who clearly could afford to invest their money anywhere.

Though the property’s ownership has suffered hard times and bankruptcy actions in recent years since his death, government and business leaders throughout the region are hopeful the Versace name will rise anew.

We’ve written how Europeans, Brazilians and Argentines continue to invest in South Florida. The chance of visitors visiting or vacationing in the property Mr. Versace once owned and lived in could help raise the region’s global reputation.

"Everyone on South Beach is hoping a new owner will help to breathe new life and energy into the area," the South Florida Business Journal quoted a local hotelier as saying.

Add our names to the residential and commercial property owners – and Miami-Dade County residents beyond South Beach – who share that optimism. Here’s hoping the Versace name becomes a beacon of continued economic prosperity across South Florida.

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