The Real Deal Miami

Rothstein depositions describe how he funded Casa Casuarina buy with Ponzi funds

June 14, 2012 03:45PM

Peter Loftin, Casa Causanrina and Scott Rothstein

Recently-released transcripts of depositions from two lawsuits involving Ponzi schemer Scott Rothstein explain how he used his ill-gotten gains to purchase a 9.9 percent stake in the former Versace mansion in South Beach, where he was married and spent part of his honeymoon. Rothstein claimed that he invested after majority owner Peter Loftin assured him that the estate was capable of generating $20 million a year in revenue, although he did not offer proof at the deposition. The Casa Casuarina property caused a stir this week when Loftin listed the estate for $125 million, well above the $20 million he paid for it in 2000 and the properties assessed value. The property has been hit with several legal actions over the last year[SFBJ]