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Mega mansions in distress

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Some of the most expensive homes on the market in the country are showcase estates, exuding a luxury lifestyle.  But behind the glitz, glamour and mega million mansion price tag, some of these mansions are in financial distress.

Casa Casuarina, the South Beach mansion with the famous front steps where the late fashion designer, Gianni Versace was murdered on the front porch of his home over 15 years ago has reduced its price from $125 million to $100 million.  It’s been on the market since June of last year when its original price tag tied it as the most expensive home on the market in the country.  Despite the 20% price drop it seems that its multiple legal woes are scaring off potential buyers.

First, there’s a foreclosure lawsuit against Peter Loftin, the owner.  Meanwhile, Mr. Loftin has sued the original mortgage holder of fraud, there is another claim on the property and property taxes haven’t been paid in 3 years due to a dispute between Mr. Loftin and Barton G. Weiss, who is leasing the estate and running a boutique hotel out of the property.

Next is the “The Beverly House,” the former home of  William Randolph Hearst with 29 bedrooms and 40 bathrooms, situated on 3.7 acres. The Beverly House’s 4th and current owner is attorney-investor Leonard M. Ross, who purchased the mansion over 30 years ago and refurbished and expanded the estate, including buying back the adjacent property which was sold off after Hearst’s passing in 1951. It is also one of the most expensive properties currently on the market in the country and has been on the market for almost 11 months.  Mr. Ross probably wishes it will sell soon.  He filed for Chapter 11 bankruptcy protection in 2010, supposedly because of legal disputes with several banks.  Despite the bankruptcy filing, he’s still the owner of the estate – at least for the time being.

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2 Responses

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