Keep INVESTING Simple and Safe (KISS)
****Investment Philosophy, Strategy and various Valuation Methods****
The same forces that bring risk into investing in the stock market also make possible the large gains many investors enjoy. It’s true that the fluctuations in the market make for losses as well as gains but if you have a proven strategy and stick with it over the long term you will be a winner!****Warren Buffett: Rule No. 1 - Never lose money. Rule No. 2 - Never forget Rule No. 1.
Updated: Wednesday September 18, 2013 MYT 10:03:24 AM
Versace's Former Miami Mansion Sells For $41.5 Million At Auction
This April 22, 2005 file photo shows the former house of the famous late fashion designer Gianni Versace.
MIAMI: One of America's landmark homes, the Miami Beach mansion that once belonged to Italian fashion designer Gianni Versace, was sold at an auction on Tuesday for $41.5 million to a business group that includes the owners of the Jordache jeans brand.
The 1930s-era Mediterranean-style estate, which has 10 bedrooms, 11 bathrooms and a pool inlaid with 24-karat gold, was auctioned off as part of a bankruptcy proceeding by its current owner, telecom magnate Peter Loftin.
Bidding opened at $25.5 million and the winning offer was made by the current mortgage holders of the property, VM South Beach, a company affiliated with New York's Nakash family, which controls Jordache Enterprises.
Potential buyers participated in a poolside auction at the three-story mansion on Miami's Ocean Drive. The property is now known as Casa Casuarina.
The Nakash family jointly owns a hotel next door to the mansion with the Gindi family, who founded theCentury 21 department store chain. They plan to consolidate the properties to create a hotel that will possibly carry Versace's name.
"Everything will stay as is," he said. "It's history, every day you see how many people take a picture of this place."
Bidders were required to sign a confidentiality agreement and meet financial requirements that included a $3 million deposit and proof of funds to pay at least $40 million. The sale was a cash transaction.
The 23,000-square-foot (2,137-square-metre) mansion, replete with hand-painted frescoes, Italian marble and a gold-and-marble toilet, has been the subject of a long legal battle.
In 1997, Versace was gunned down at the mansion's entrance gate by serial killer Andrew Cunanan. Three years later, Versace's family sold the property to Loftin, who is now facing bankruptcy and who had been trying to sell the house for more than a year.
The property was initially listed on the market with an asking price of $125 million. The price was later lowered to $75 million before it wound up in bankruptcy proceedings.
In recent years, the mansion had been used as a private club and a boutique hotel.
Versace bought the property in 1992 for $2.9 million. He then purchased a hotel next door and spent $33 million on renovations to add another wing.
Inside, he decorated with an over-the-top style that included paintings of Grecian, nymph-like characters playing lyres under palm trees. The snake-haired Medusa head, Versace's logo, can be seen throughout the house.
When Versace owned the property, he helped usher in a renaissance of Miami's South Beach. His presence attracted models, jet-setters and celebrities including Sylvester Stallone and Madonna, who also bought homes in Miami.