Versace Mansion sold

Discussion in 'Luxury Hotels' started by MSPeconomist, Sep 17, 2013.  |  Print Topic

  1. MSPeconomist
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    The old Versace Mansion in Miami--South Beach, which had been operating as a boutique hotel and event space (apparently until May 31, 2013), has been sold at auction. The buyer, from Jordache jeans, also owns the Victor Hotel next door and plans to operate the Versace Mansion as a boutique hotel.

    A competing bidder was the son (Eric) of Donald Trump. He and his partner, who apparently wanted to make the property part of their polo/golf club, bid $40 million versus the winning bid of $41.5 million. The place was apparently originally listed for $75 million. The price was dropped at least once before going onto the auction block.
     
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  2. uggboy
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    Interesting that Trump didn't win it, and once again the Versace mansion will be operated as a boutique hotel. What happened to the hotel when it was known as Villa by Barton G? Fascinating development with an interesting new owner who wants to talk with the Versace family and maybe use the Versace name for the new hotel too.

    http://www.miamiherald.com/2013/09/17/3632471/versace-mansion-auctioned-for.html

    I can faintly remember that the hotel " Villa by Barton G " was also a member of LHW for a time.
     
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  3. MSPeconomist
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    IIRC it was in LHW and also FHR under the Casa Cwhatever name. Surprisingly, most agents seemed unaware that it was a hotel and in their program. It was small, but still got very little press given the unique nature of the facilities and the property's history.

    The Barton G story sounds complicated and I won't try to repeat it here, but there seems to be a bankruptcy in connection with other legal problems. I don't know whether this is why they ceased operations at the end of May.
     
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  4. uggboy
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    Sounds complicated indeed, I now hope that the "new" hotel will be success with the new owners, rumors suggest that the hotel could wear the Versace name or that the owner could merge the hotel with the Hotel Victor, which the new owner also owns. Interesting for sure, we will see what happens in the coming months ahead.

    Yes, the name before Villa by Barton G was Casa Casuarina.

    http://therealdeal.com/miami/blog/2013/05/22/former-versace-mansion-listing-reduced-to-75m/

    The hotel was indeed member of LHW and also FHR, interesting that as for me, I never really thought about this hotel before, only that it's famous for being famous thanks for the previous ownership and subsequent killing of Gianni Versace. I guess, some tourists still want to have a look at the "Versace Mansion", aka "Casa Casuarina" then "Villa by Barton G" and now....??? maybe Versace again ??? by name or integration into the Hotel Victor. Looks like everything can be possible right now.

    Also surprising that Trump hasn't moved higher in the bidding at the auction, strange when I think about it right now, wonder what Trump would have done?
     
  5. MSPeconomist
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    One suspects that Trump would have worked out the maximum price that's reasonable very carefully. There could have also been constraints on what he could finance at certain terms. Then Trump would be firm about not exceeding that during the bidding.
     
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  6. uggboy
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    Exactly, but Trump is Trump, he could have add this property " a trophy property " to his Doral estate, Golf and off-site mansion luxury, sounds like a great package to many. Of course, it's all about money / availability / financing and making it work = profitable. Overall, it's interesting to think what could have been, but now people concentrate on the new owner, the opening of a new hotel, possibly with the Versace name attached or integrated / rumors / into the Hotel Victor.

    Versace has already a hotel in Australia, and is opening within 2014/2015 the Versace Dubai too.

    Maybe more are in the planning stages.
     
  7. MSPeconomist
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    Remember that this is the younger Trump (Eric) and I think he had a partner. They seem to have a polo/golf club (could this be the Doral or does the Donald still operate that one?) and I think the Veresace Mansion would have been part of it.

    Personally, I'd rather see it stay as a boutique hotel open to the public than to become a private club.
     
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  8. uggboy
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    Yes, Eric Trump and partners / investors? wanted to buy via auction the Versace Mansion.

    Correct, Dorral is owned and operated by Donald Trump in which he invests $US 250 million to further enhance the property and built more villas there too. Overall, I would have thought it makes for a nice "extension" in Florida in the Miami area for the Trump Organization to own the Versace Mansion to complete the circle of properties Trump owns incl. Mar-A-Lago in Palm Beach and the Doral in Miami. Would have been a sweet deal, Golf+Beach+Mansion. Just think about the possibilities.

    You're right, it can only be of interest that the new owner will operate the Versace Mansion as an boutique hotel which can be outright booked and stayed upon, it wouldn't be sensible to turn the mansion into an private club and let "gawkers" wonder what's inside, the guests / "gawkers" will come and stay, plus they will pay for the privilege to have "lived" in the Versace Mansion. For many Gianni Versace is an icon, despite his ill-timed death through being killed, he remains on the radar, well known and cherished as an fashion and lifestyle icon, that's why it is rumored that the new owner wants the Versace name to be attached to his new venture.
     
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