Brenner: Blog

What do Brenner and Versace Have in Common?

Added 11/5/13 by Ken Silberling

We'd like to think it's our innovation, our out of the box thinking and our market leadership, but that's not necessarily it.

It is our fashion savvy ? Compare the pictured Versace Logo Sweatshirt to the latest from the Brenner line of outerwear.  We like our lightweight dry-fit fabric, the slick lines and of course the classic Brenner logo in gold on a navy background. Okay, we can agree it’s not our design capability. 

Versace was founded in 1978, Brenner Real Estate Group started in 1987. Wow, that's almost scary, but that’s not it either.

Wait a minute -  just a few short weeks ago, Fisher Auction Company out of Pompano Beach Florida, partnered with a Miami Beach Realtor to sell the Versace Mansion on Miami Beach for $41.5 million. (see details of the sale below)   Fisher and Brenner have a relationship which started in 2009 with the sale of Ocean Dunes, a distressed fractured condo in Melbourne Florida. As receiver, Scott Brenner partnered with Lamar Fisher to auction the individual units, and the results greatly exceeded the seller’s expectations. Brenner has more recently partnered with Fisher on the sales of office buildings, hotels and shopping centers.  

So what do Brenner and the sellers of the Versace Mansion have in common ?  They understand the value of using an accelerated marketing method in order to sell their properties in an expedient and timely manner. By auctioning a property, it alleviates the often enormous holding costs required to maintain the properties (including real estate taxes, insurance, maintenance, association dues and the cost of money) while still achieving a fair price. 

Fisher Auction has been consistently ranked as one of the top ten Accelerated Marketing Firms in North America having conducted successful sales initiatives in 46 States, Puerto Rico, Mexico and the U.S. Virgin Islands. Their founder is a distinguished member of the National Auctioneers Association “Hall of Fame”. Brenner Real Estate Group has enjoyed a highly successful partnership with Fisher Auction and looks forward to completing more transactions with them in the future.

Accelerated marketing via auction is a specialized solution that works best in certain situations.  At Brenner, it is one of the tools we use to help our clients maximize the value of their properties. Call us to determine how to best maximize the value of your real estate assets.

The Versace Mansion was sold at auction on September 17, 2013 for $41.5 Million to New York’s Nakash and Gindi families, who own the Hotel Victor next door. Donald Trump was a close second with a $41 million bid.

Buyer Joe Nakash of Jordache Enterprises, announced at a news conference on the mansion steps that his group intends to operate a boutique hotel there, using the Versace name. The hotel would operate in tandem with the recently renovated 91-room, Hotel Victor next door.

Gianni Versace purchased the property in 1992 and added $33 million in renovations.  It features hand-painted murals and ornate statues throughout, and a 54-foot, mosaic-inlaid pool lined in 24-karat gold. It was sold with all decorations and furnishings in place. His guests at the property included Elton John and Madonna.  The home is infamous as Versace was tragically gunned down in front of the house in 1997.

Peter Loftin, a telecom entrepreneur, bought the property in 2000 for $19 million. He placed the property into Chapter 11 Bankruptcy in July of 2013 in order to control the sale process. It had been listed as high $125 million by Coldwell Banker, but was reduced to $75 million before the auction. While the price was expected to exceed the $47 million record for a Miami residence, its location, mobbed by tourists and partygoers makes it impractical as a residence and it provides only 10 hotel rooms, which also limits the value.  

Subscribe to our mailing list!

* indicates required

© 2021 Brenner - Real Estate Group | All rights reserved
5100 Town Center Circle, Suite 600, Boca Raton, Florida 33486

Right Space. Right Place.®