The owner of the Versace mansion in South Beach has reached a settlement over an investment from convicted Ponzi schemer Scott Rothstein.
Rothstein’s now-bankrupt estate will receive a 9.9 percent stake from the Sept. 17 auction of the 19,000-square foot property, known as Casa Casuarina. He had admitted to funneling millions through his firm to acquire the stake in 2009 and to later keep the property running, wiring the money to Loftin’s Luxury Resorts LLC. Rothstein paid $1 million for the interest.
If the mansion sells for $40 million or more, the estate stands to gain at least $4.4 million. Rothstein Rosenfeldt Adler trustee Michael Goldberg could make the choice to acquire stock in a separate company also owned by Peter Loftin, a majority shareholder in Casa Casuarina. [South Florida Business Journal] – Mark Maurer