The latest and greatest news in luxury real estate sales is arguably that of the long awaited sale of Casa Casuarina, the Versace Mansion in South Beach, Miami for a cool $41 million. The sale price may cause some jaws to drop but the final sale price is only a drop in the bucket when compared to the original listing price of $120 million.
When the 19,000-square-foot estate on Ocean Drive was home to Versace, he entertained Madonna, Princess Diana and others at the house. He was shot and killed on the front steps in 1997.
While some may see the sale as a sign that the white-hot Miami market is cooling, many luxury real estate brokers say Casa Casuarina had unique problems. It is in the middle of Ocean Drive, which is often mobbed with visitors, tourists and partygoers. Wealthy buyers looking for a family home in Miami would be continually assaulted by noise and crowds, brokers said.
The current owner, telecom entrepreneur Peter Loftin, bought the property in 2000 for $19 million. He placed it in Chapter 11 bankruptcy this year after a financial dispute with VM South Beach. VM's principals include the Nakash and Gindi families, both of New York. The Nakash family, which controls Jordache Enterprises, told reporters Tuesday that they plan to combine the property with a hotel that VM owns next door and create a single large hotel. They hope to use the Versace name if the Versace family grants permission.
Villa Mora, South Sound, Grand Cayman
Here at IRG ltd in the Cayman Islands, the sale of the Versace property brings a different topic to mind, and that’s the topic of value in real estate. Intelligent luxury real estate investments often times take you further afield than your own neighbourhood, city or even your own country. If you like the warm Caribbean climate and nothing suits your taste in Miami, simply look one hour south to the sunny and sandy shores of the Cayman Islands and you will be pleasantly surprised by the real estate value the country has on offer. Further benefits are off course the safe and secure tax neutral environment, the highest standard of living in the entire region, and the ever growing and developing offshore financial services industry which contribute 67% percent of the annual GDP. These factors in turn ensure private schooling, shopping, world class dining and a unique quality of life.
Another important factor as to why Cayman offers more value than other beach destinations is that we build above and beyond Miami Dade standards and as such the Cayman Islands are comprehensively insured, so there is no need for additional hurricane or flood insurance to ensure your peace of mind.
Now add easy landscaping thanks to our year round tropical climate, world class diving, world famous Stingray City, perfect boating conditions, glorious Rum Point and the best mudslide cocktails on the planet and your possible “new home country” has suddenly become a lot more attractive.
Willow Beach, South Side, Grand Cayman
As IRG Ltd is the Cayman Islands’ leading integrated real estate relocation and services provider our dedicated property professionals offer our clients and customers a comprehensive range of high quality, professionalreal estate services in the residential, commercial, relocation, leasing and property asset management markets.As members of a multi listing system, and as partners with sought after global affiliates such as Knight Frank and Luxury Portfolio we are able to provide you, the discerning investor, with intelligent and up to the minute statistics as well as brochures of the latest and most luxurious homes on Grand Cayman. We are the leader in the fields of luxury residential and beachfront property, raw land,commercialpropertyand office space, development feasibility studies and marketanalysis.