Floyd Mayweather’s Versace Mansion Deal Didn’t Happen

Boxing champion Floyd “Money” Mayweather Jr. never closed on purchasing an interest in the famed Versace Mansion property in Miami Beach, which he called “such an important piece of real estate” at the time he made a deposit.

Mayweather planned to acquire the majority of real estate investor Eli Gindi’s interest in Villa Casuarina at 1116 Ocean Drive, The Real Deal reported in November 2024. In a statement provided to TRD at the time, he said he felt blessed to be investing in the property. “Eli Gindi and the Nakash family are real estate royalty,” he said.

The Nakash family and Gindi own the former home of slain Italian fashion designer Gianni Versace, which is now a luxury boutique hotel with a restaurant, spa, pool, lounge and event space.

The Ocean Drive hotel is one of the most photographed mansions in the country.

Mayweather’s purported real estate investments are at the center of a lawsuit he recently brought against former investment manager Jona Rechnitz, associate Ayal Frist and attorney Alexander Seligson alleging that Rechnitz orchestrated a multi-year fraud to move Mayweather’s cash, jewelry and real estate funds into accounts connected to Rechnitz and his associates.

Mayweather alleges that Rechnitz misrepresented Mayweather’s investment in a 1,000-apartment portfolio in Manhattan. Mayweather’s only documentation of the deal shows just a 5 percent stake in one LLC, instead of the entire deal, according to the lawsuit.

Gindi confirmed that Mayweather didn’t move forward with the Versace Mansion deal. Mayweather provided a $250,000 deposit in 2024, hosted his birthday party at the property, and decided not to close on what would have been a 20 percent stake, Gindi said. Gindi offered to return the money, which he did.

Gindi, the scion of the family that founded the Century 21 department store chain, is founding partner of New York-based Gindi Capital.

Casa Casuarina is a three-story building constructed in 1930. The Nakash family’s Jordache Enterprises paid $41.5 million for the property at an auction in 2013. The family owns other hotels in the city, including the Setai Miami Beach.

Keith Larsen contributed reporting.