Versace Mansion in South Beach Lands $45M Refi
By Julia Echikson May 8, 2026 1:05 pm
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The Nakash family’s Jordache Enterprises has refinanced the historic Versace mansion on Miami Beach’s Ocean Drive with $44.7 million, property records show.
HSBC added $23.7 million to a loan issued in 2021 with just over $21 million in outstanding debt. The 23,462-square-foot oceanfront property at 1116 Ocean Drive houses Gianni’s restaurant, a 10-room hotel called The Villa Casa Casuarina, as well as some event space and a spa.
Alden Freeman, whose fortune had ties to the Standard Oil Company, had the three-story estate built in 1930, naming it Casa Casuarina. Fashion designer Gianni Versace purchased the three-story mansion for just under $3 million in 1992 and renovated it. The following year, he bought the Revere Hotel next door for $3.7 million and demolished it to create a private garden with a pool.
In 1997, the Versace was shot dead in front of the estate’s steps. He had helped reposition South Beach from a sleepy town popular among retirees to a glistening party destination.
The Nakash family entered the picture in 2013, when it acquired the Mediterranean revival home for $41.5 million and converted the 0.44-acre asset into a hotel.
The family owns a slew of oceanfront hotels in South Beach, including the Beacon Hotel, Hotel Victor and the Breakwater on Ocean Drive, as well as the Setai. Besides its real estate portfolio, the family also owns fashion brands.
A representative for Jordache Enterprises did not immediately respond to a request for comment.
Julia Echikson can be reached at jechikson@commercialobserver.com.
