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Commercial Observer·real-estate·2 min

Versace Mansion in South Beach Lands $45M Refi

The historic Versace mansion in Miami Beach has been refinanced with 44.7 million dollars. The property, located on Ocean Drive, is owned by the Nakash family's Jordache Enterprises. The loan was issued by HSBC, adding 23.7 million dollars to a previous loan from 2021, which had 21 million dollars in outstanding debt. The 23,462-square-foot oceanfront property features a restaurant, a 10-room hotel, event space, and a spa. The estate was originally built in 1930 by Alden Freeman and was named Casa Casuarina. Fashion designer Gianni Versace purchased the mansion in 1992 for nearly 3 million dollars and renovated it. He also bought the neighboring Revere Hotel, demolished it, and created a private garden with a pool. Gianni Versace was shot and killed in front of the estate in 1997. At the time, he had played a significant role in transforming South Beach into a popular party destination. The Nakash family acquired the property in 2013 for 41.5 million dollars and converted it into a hotel. The family owns several other oceanfront hotels in South Beach, as well as fashion brands. The refinancing of the Versace mansion is a significant transaction, given the property's history and value. The Nakash family's ownership of the property has helped to maintain its luxurious reputation and appeal to high-end visitors. The family's portfolio of hotels and fashion brands makes them a prominent player in the South Beach area. The Versace mansion remains a notable landmark in Miami Beach, attracting visitors and offering a glimpse into the area's rich history. The property's refinancing is likely to support its continued operation and maintenance as a luxury hotel and event space. The Nakash family's investment in the property reflects their commitment to preserving its legacy and contributing to the local economy.