The Real Deal Miami

Seizure threatened on Versace mansion

August 22, 2011 02:28AM

German bank WestLB is threatening foreclosure on the Versace mansion in
Miami Beach. WestLB holds a $25 million mortgage on the property, which
has been involved in a series of legal skirmishes in large part due to
Ponzi schemer Scott Rothstein’s just-under-10 percent stake in the home.
Last week, Paul
Mitchell hair product founder
Paul DeJoria offered to pay the U.S.
government $100,000 to drop its claim on the home — although the government admitted the claim was
worthless
earlier this month. [SFBJ]