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Ponzi Scheme Shutters Versace's Casa Casuarina in Miami

Where: 1116 Ocean Dr [map], Miami Beach, fl, United States, 33139

Things might have been popping in Miami Beach over the weekend, thanks to Art Basel but one place that had the lights off was the old Gianni Versace mansion-turned-exclusive private hotel, Casa Casuarina.

The NY Post reports that the hotel's owner, Peter Loftin, closed the gates after a major investor Scott Rothstein was arrested on charges of running a $1 billion Ponzi scheme.

Yet, this is actually just another bad turn for the Casa Casuarina. Initially, Loftin wanted to turn the house into a fancy, members-only club where folks would pay a $50,000 fee to join. Hotel rooms were open to a very select few that could afford the $5,000 fee. Gradually, as this plan began to suffer, hotel rooms were opened to more and more regular paying customers and the mansion was rented out for private parties.

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Versace’s Former Mansion to Turn Into Nightclub

Where: 1116 Ocean Drive [map], Miami Beach, fl, United States, 33139

Widely considered the third most photographed house in America (behind the White House and Graceland), Casa Casuarina is set to become South Beach’s newest nightclub.

More than a decade ago, telecommunications magnate Peter Loftin snapped up the Ocean Drive mansion after former owner, fashion icon Gianni Versace was gunned down on the property’s front steps. Over the years, Loftin has played around with making the lavish 20,000 square foot estate profitable – from running a private invite-only club (memberships at $35,000 a pop) to a 10-bedroom hotel, and most recently, opening up the grounds for tours.

Loftin recently teamed up with Scott Rothstein, a Fort Lauderdale lawyer and investor to convert the 1930’s building into Bova@Casa Casuarina.

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