Versace Mansion in Miami Auctioned

September 22, 2013

Unlocking Word Meanings

Read the following words/expressions found in today’s article. 

1. auction [AWK-shuhn] (v.) – to sell something publicly, in which the person who offers the highest amount gets the product being sold
Example: The celebrity auctioned her favorite bag to her fans.

2. bidder [BID-der] (n.) – someone who offers a price for something that is auctioned
Example: The bidder with the highest offer got the valuable necklace in the auction.

3. deposit [dih-POZ-it] (v.) – to pay for the partial amount
Example: The customer has already deposited 50% of the product’s price yesterday.

4. entirety [en-TAHYUHR-tee] (n.) – the state of being whole
Example: Company members are evaluating the product in its entirety, pointing out each of its aspects.

5. mesmerizing [MEZ-muh-rahyz-ing] (adj.) – catching attention or causing fascination
Example: The mesmerizing Eiffel Tower in Europe never fails to amaze the tourists.


Read the text below.
Casa Casuarina, the famous mansion of Italian fashion designer Gianni Versace, was recently auctioned with a starting amount of $25 million last September 17 of this year.

Peter Loftin, the majority owner of the mansi0n, decided to auction the mansion after filing for bankruptcy. Fisher Auction Company managed the auction of Casa Casuarina, which is located in Miami.

With a bid of $41.5 million, VM South Beach, the property’s secure lender, won the rights to manage and own the mansion. VM South Beach has beaten the bid of Donald Trump, who offered $40 million for the property.

All bidders were required to deposit an initial amount of $3 million in order to participate in the auction. They also had to prove that they have at least $40 million on their accounts. The highest bidder was then asked to deposit 10% of the amount agreed upon, including the $3 million initially deposited.

Casa Casuarina was auctioned in its entirety. Among the remarkable features of the mansion are the 24-karat gold-lined pool, the hand-painted walls and ceiling, 10 bedrooms, and 11 bathrooms.

The mansion has experienced several price cuts this year. Last year, it was offered at $125 million price but it failed to attract potential buyers. However, the mansion has never lost its popularity since its establishment. In fact, it is still well-known as a South Beach showpiece, showing both European and Italian art in different forms.

VM South Beach intends to keep the mansion in its original form with its mesmerizing features as assets. The company will use the mansion as a high-end hotel that people can enjoy.

Viewpoint Discussion

Enjoy a discussion with your tutor.  

Discussion A

·         Aside from bankruptcy, what other possible reasons do you think made the owner open the mansion for an auction?
·         Given the chance, would you want to own the Casa Casuarina? Why or why not?

Discussion B

·         What do you think are the purposes of such luxury buildings or infrastructure? Please explain your answer.
·         How do you think such luxury buildings or infrastructure can help the economy of a country?


September 22, 2013