The recent sale of the South Beach mansion once owned by Gianni Versace missed its targeted selling price by $83.5 million.
The grandiose residence, which was listed at $125 million last year, was sold back to the mortgage holder, VM South, for $41.5 million. While the price subsequently dropped to $75 million, the estate known as Casa Casuarina, still could not secure a buyer at its asking price.
However, the flat sale is not viewed as a turndown in the luxury real estate in Southern Florida. It was reported that the property had unique problems that kept it from selling. It was more of a party-house than a practical single-family residence … even if money was no object. Its location and ornate décor were issues, NBC News reports.
"It's really not practical as a single-family residence," said Jorge Uribe, senior vice president of One Sotheby's International in Miami. "I don't know any clients who would want to live there even as a second or third house."