Former Versace Mansion in Miami Beach Facing Auction

Casa Casuarina
(Image: forbes.com)

Some mansions have more changes than a Las Vegas chorus line dancer. In the case of 1116 Ocean Drive, Miami Beach FL, that "evolution" includes a noirish sense of murder and corrupt financing. The address, better known as Casa Casuarina, gained notoriety as the late Gianni Versace's playpen. The Italian fashion designer was murdered on the Casa's steps in 1997. A fast-money telecom player named Peter Loftin later purchased a majority share in the mansion. He displayed poor judgment concerning business partners, as approximately ten percent of the mansion's ownership included one Scott Rothstein.

Mr. Rothstein was later convicted of conducting a Ponzi scheme. This left Mr. Loftin holding a rather heavy financial bag. He has attempted to sell Casa Casuarina without success. Meanwhile, Versace's former Miami Beach escape now faces the auction hammer, according to a report in today's Miami Herald.

Clearly, the auction is strictly for "global citizens," the one-percenters who are "makers." Rothstein and Loften were once in Mitt Romney's preferred category in his conveniently polarized view of society. However, Rothstein's felony convictions and Loftin's fire-sale antics seems to place them in the "taker" category. What a difference a bankruptcy and a guilty plea make!