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Joe Nakash to Turn Versace Mansion into Upscale Mall

South Florida real estate trends and news, by Anabelle Taub , specializing in pet-friendly real estate.

Joe Nakash, real estate mogul, just acquired the Versace mansion for $41.5 million in an auction approved by U.S. Bankruptcy Court Judge Laurel Isikoff. Nakash announced that he is considering converting the former Versace mansion into a high-end retail location combined with the Versace hotel (plans to seek licensing of the Versace name are in the plan).

The 23,000-square-foot, 10-bedroom mansion at 1116 Ocean Drive, originally known as Casa Casuarina, was first listed for $125 million, but then saw the price drop to $75 million. The Nakash firm, in a partnership with New York investor Eli Gindi, beat out rival real estate mogul Donald Trump after his son Eric, made a final bid of $41 million.

The Nakash family which owns and recently renovated Hotel Victor for a reported $8 million, is considering the idea of opening up the mansion in combination Hotel Victor (located adjecently), and converting the mansion into a retail location which would bring in tenants such as the Apple store.

An over zealous plan, perhaps, but it may just work. Though I am not sure how you can mesh Versace elegance with modern-day retailers such as Apple. Good luck to the new visionary investors/owners.



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