Jordache Enterprises Inc. founder Joe Nakash and his partners can start implementing their plan for the former Versace mansion after officially closing on the $41.5 million purchase of the iconic South Beach property.
Nakash’s VM South Beach LLC late Thursday finalized the acquisition of the landmark mansion at 1116 Ocean Drive. The company emerged as the winning bidder in last month’s bankruptcy auction, which attracted interest from celebrity developer Donald Trump and Wellington developer Glenn Straub, owner of the Palm Beach Polo and Country Club.
Miami-Dade County has not recorded the transaction.
Nakash said last month that his company planned to convert the 19,000-square-foot, 10-bedroom mansion into the Versace Hotel and combine the building with its Hotel Victor next door. He must first obtain the Versace family’s permission to use its name.
VM South Beach was the lead creditor in the Chapter 11 case of mansion owner Casa Casuarina LLC, backed by telecommunications entrepreneur Peter Loftin. VM agreed to serve as the stalking-horse bidder starting at $25 million and was able to make a credit bid of more than $34 million.
Miami-based Greenberg Traurig shareholder Ralph Bekkevold and Mark Bloom, the firm’s co-chair of its national business reorganization and financial restructuring practices, represented VM South Beach.
Boca Raton-based Marshall Socarras Grant represented Casa Casuarina.