Miami Beach has always been a hub for luxury and glamour, and the Versace house was no exception. The iconic mansion located at 1116 Ocean Drive was once the residence of the legendary fashion designer, Gianni Versace.
However, tragedy struck in 1997 when Versace was fatally shot outside the mansion. Since then, the fate of the Versace house has been a topic of discussion among Miami Beach locals and tourists alike.
After Versace’s death, the house was sold to Peter Loftin, a telecom entrepreneur who had plans to turn it into a high-end hotel. The property underwent extensive renovations to restore it to its former glory, including the installation of a 54-foot mosaic pool lined with 24-karat gold tiles. The hotel opened in 2000 under the name “The Villa By Barton G” and boasted ten luxurious suites that paid homage to Versace’s unique style.
For several years, The Villa By Barton G was one of Miami Beach’s most exclusive hotels and attracted A-list celebrities such as Beyoncé, Madonna, and Jennifer Lopez. However, in 2013, Loftin put the property on the market for $125 million after failing to find a buyer for several years.
Unfortunately, despite its rich history and luxurious amenities, The Villa By Barton G failed to attract potential buyers due to its hefty price tag. In September of 2018, after being on the market for five years with no takers, Loftin finally sold the property for $41.5 million.
The buyer was revealed to be Jordache Enterprises Inc., a company owned by Joe Nakash who made his fortune in fashion and real estate development. Nakash had plans to turn the property into another luxury hotel but faced several challenges along the way.
The first challenge came from Miami Beach’s strict zoning laws that prevented Nakash from adding extra rooms or expanding beyond what was already there. The second challenge came from the COVID-19 pandemic, which significantly impacted the tourism industry and forced many hotels to close their doors temporarily.
Despite these challenges, Jordache Enterprises remains committed to restoring the Versace house to its former glory and reopening it as a luxury hotel. They have plans to add a spa, restaurant, and bar to the property while preserving its unique character and paying homage to Gianni Versace’s iconic style.
In conclusion, the fate of the Versace house in Miami Beach has been a rollercoaster ride. From its days as a private residence for one of fashion’s biggest names to its transformation into a high-end hotel and eventual sale, the property has seen it all. However, with Jordache Enterprises at the helm, there is hope that this iconic property will once again become a symbol of luxury and glamour in Miami Beach.