The luxurious villa on South Beach, formerly known as the Versace mansion may be taken over by a court-appointed trustee after its owner, Casa Casuarina LLC, filed for Chapter 11 bankruptcy. For the past three years, the mansion has been tied up in all sorts of lawsuits.
The mansion currently faces foreclosure by a company owned by the Nakash family of Jordache jeans fame. New allegations were filed this week that the property went uninsured for a period of time and currently has only $6 million in coverage with little security on site. Its value is estimated at more than $20 million; realtors have it listed for sale at $75 million.
Click here to read more on the Versace Mansion Chapter 11 bankruptcy.
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