UPDATE: The Nakashes will be turning the house into a boutique hotel, to be operated in conjunction with the Victor Hotel next door.
10:30: It's official: The Versace Mansion sells for $41.5 million to a group, VM South Beach LLC, whose principles are the Nakash Family of Jordache Jeans. Oh god, what will Donatella think?
10:28: Conflicting reports! DBR says the winning bid is $52 million while SFBJ says it is $41.5 million, which would not be enough money to set the single family home price record, as mentioned below. SFBJ also says the winning bidder is the Nakash Family, of Jordache Jeans. A family of mass-market blue jean makers bought the vaunted fashion designer's castle, his Xanadu, his playpen. Gianni would just dieeeeeee! Again!
The winning bid is $52 million, setting a new record for a single family home in Dade County.
10:24: Bidding is up to $41.5 million. They must be simulcasting it, or something.
10:22 AM: Still waiting... Curbed Miami is feeling guilty for not being there in person and just following everything via cellphone and twitter. We were worried about being able to find wifi while camped out on the front steps.
10:20 AM: When the auction concludes, the auctioneer will come out to Casa Casuarina's front steps and announce the house's new owner, town crier style. This all seems so very feudal.
10:15 AM: The starting bid is set at $25 million, and it's up from there. Media are not allowed inside the mansion to view the auction, and are assembled out front awaiting the winner.
10 AM: Developer Glenn Straub, Eric Trump, others arrive to bid on the house. Eric is bidding on behalf of his dad, Donald Trump.
Ladies and gentlemen, the auction sale of Casa Casuarina, the late fashion designer Gianna Versace's Ocean Drive mansion, is happening now. We will be updating this space as the action occurs. Do stay tuned.
· Casa Casuarina coverage [Curbed Miami]