The former Versace mansion will be sold at a bankruptcy auction on September 17th at 10 a.m. The sale of the Miami Beach landmark, now called the Casa Casuarina was just approved in a court hearing this week.
To qualify, bidders must escrow $3 million to the owner’s law firm, Marshall Socarras Grant in Boca Raton. In addition, bidders will have to show proof of funds of $40 million. The mansion has been listed at $75 million.
The South Florida Business Journal reported that the Nakash company, VM South Beach will have a credit bid because it owns the note from the original lender. However, the value of the credit bid is yet to be determined by U.S. Bankruptcy Judge Laurel Isicoff.
Click here to read more on the bankruptcy auction recently approved for the former Versace mansion.
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