{"id":1006,"date":"2011-08-23T23:40:35","date_gmt":"2011-08-23T23:40:35","guid":{"rendered":"https:\/\/newwebdev.wordpress-developer.us\/hauteresidence\/?p=1006"},"modified":"2012-05-12T23:45:31","modified_gmt":"2012-05-12T23:45:31","slug":"german-bank-westlb-threatening-to-seize-versace-mansion","status":"publish","type":"post","link":"https:\/\/newwebdev.wordpress-developer.us\/hauteresidence\/german-bank-westlb-threatening-to-seize-versace-mansion\/","title":{"rendered":"German Bank WestLB Threatening to Seize Versace Mansion"},"content":{"rendered":"

German bank WestLB is threatening to foreclose on a loan made to the owners of the Versace mansion in South Beach.\u00a0 The bank holds a $25 million mortgage on the famous property, which is owned by former telecom tycoon Peter Loftin<\/strong> through a company called Casa Casuarina LLC.\u00a0 In court documents, the bank states that payments have not been made on the loan since January.<\/p>\n

The mansion, where fashion designer Gianni Versace was killed at the front gates, has been caught up in legal disputes since Ponzi schemer Scott Rothstein<\/strong> took his great fall, owing his 9.9 percent stake in Loftin\u2019s company. The judge in Rothstein\u2019s criminal case slapped a protective order on the sale \u2013 or foreclosure \u2013 of the South Beach landmark until its value to Rothstein\u2019s victims could be determined and possibly liquidated.<\/p>\n

But prosecutors recently notified the judge they want to relinquish their claim to Rothstein\u2019s interest because it\u2019s worthless.\u00a0 If that happens, the protective order against the transfer of the property would be lifted. Loftin\u2019s attorneys then notified the court of a third party interest – billionaire, John Paul DeJoria<\/strong>, who has expressed an interest<\/a> in paying $100,000 for Rothstein’s stake.<\/p>\n

On Thursday, WestLB fired back with a statement supporting the feds abandonment of Rothstein\u2019s interest.\u00a0 In that statement, WestLB accuses Loftin of diverting money that should be used to pay back their loan. \u00a0 The accusation apparently refers to income Loftin is receiving from the lease of the mansion to a restaurant, Villa by Barton G.<\/p>\n

And to add salt to the wound, Loftin and his attorney, Adam Steinberg<\/strong> of Miami, have said in e-mails and interviews that they believe WestLB\u2019s mortgage is not valid at all.\u00a0 They are preparing to file a claim of lender liability against the German bank.<\/p>\n

Source:\u00a0 Biz Journals<\/a><\/p>\n

Like Haute Living Miami? Join our Facebook page<\/a> or follow us on Twitter @HauteLivingFL<\/a>. Want Haute Living Miami delivered to your inbox once a week? Sign up<\/a> for our newsletter.<\/p>\n","protected":false},"excerpt":{"rendered":"

German bank WestLB is threatening to foreclose on a loan made to the owners of the Versace mansion in South Beach.\u00a0 The bank holds a $25 million mortgage on the famous property, which is owned by former telecom tycoon Peter Loftin through a company called Casa Casuarina LLC.\u00a0 In court documents, the bank states that […]<\/p>\n","protected":false},"author":34,"featured_media":1007,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1749,1],"tags":[],"class_list":["post-1006","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-hlrn","category-news"],"acf":[],"yoast_head":"\nGerman Bank WestLB Threatening to Seize Versace Mansion - Haute Residence by Haute Living<\/title>\n<meta name=\"description\" content=\"German bank WestLB is threatening to foreclose on a loan made to the owners of the Versace mansion in South Beach.\u00a0 The bank holds a $25 million mortgage\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/newwebdev.wordpress-developer.us\/hauteresidence\/german-bank-westlb-threatening-to-seize-versace-mansion\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"German Bank WestLB Threatening to Seize Versace Mansion - 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