How to Add Colour to Your Home – Best Tips

This post was written by Amy Bennett for Decor&Style

Your home is the place that you come back to every evening, somewhere that you can feel safe and where you can just relax with your family. You want to make the most of the space that you have and put your own stamp on the property. One way to do this is by adding color throughout the various rooms, colors which you love and that create the feel that you want. The tough decision may be how to incorporate the colors in a more adventurous way than simply painting one wall a different color. With interior design ever changing, there are many ways in which you can add color with new and exciting ideas.

The Kitchen

The heart of the home is the kitchen and it is a great place to add color as it can affect the atmosphere when dining dramatically. Ways in which you can add color within the kitchen include the tiles and splash backs, blinds, and worktops. Tiles and splash backs are an essential part of the kitchen, unless you want to have your walls covered in spurts of food and spillages from cooking.

A block of bright color in the form of a splash back can be extremely striking and can make quite an impression within your kitchen. These can also be accompanied by a colored worktop to create a theme within the room. These can both be great focal points and will always be a conversation starter when you are entertaining.

The Bedroom

A trend that has developed within the past few years is the color wall in a bedroom. Usually behind the bed, it can create a sophisticated feel to any bedroom by painting the wall a prominent color or using colorful wallpaper. Try to pick a color you both like if you share a room and one which will create a cozy and relaxing atmosphere you can both enjoy.

You could try an alternative way of adding color into your boudoir by simply painting your room cream and having all of your accessories including the curtains, bedding and lampshades one color. This means that you can change the color scheme whenever you wish with simply replacing the accessories. Every few years it will then seem as though you have redecorated the entire room.

The Playroom

Children love color, and a great place for them to be surrounded by color is in their playroom. How about painting each wall a different bright color, or putting up striped wallpaper which features a variety of shades. A great idea is to use paint which you can wipe clean. Therefore if your little rascals get a bit carried away with their drawing, you can simply clean it off. Creating patterns can open their imagination and help their minds to develop.

The Bathroom

Within the bathroom you can create a great underwater world which can be enjoyed by all the family. You can incorporate shades of blue throughout the room by the accessories or even the bathroom suite if you wanted to make a statement. As most bathrooms are one of the smallest rooms in the house, try not to go overboard as it can become overpowering quite quickly.

The bank that rejects the most mortgages

A home loan refused by one bank might be approved by another

By AnnaMaria Andriotis

The likelihood that a mortgage application will be approved varies widely by bank.

Home-buyer rejection rates ranged from 11% to 34% in 2012 at the 10 largest mortgage lenders, according to data released this month by the Federal Financial Institutions Examination Council. Those who applied for a mortgage at SunTrust  faced the lowest rejection rate—3,831 out of 34,749 applications were denied—while those at Chase encountered the highest rejection rate, with 26,894 out of 80,036 (a third) not passing muster. Despite the fact that large lenders sell most of their mortgages to government agencies, many require applicants to clear hurdles that surpass federal guidelines, and they do so in degrees that vary by institution, resulting in confusion for applicants. Home buyers who get rejected for a mortgage at one large bank could get approved at its competitor—assuming they know not to give up the search. “It absolutely makes a difference where you go,” says Stu Feldstein, president at SMR Research, a mortgage-research firm.

Don’t bank on getting that mortgage approved

Number of 2012 home buyers rejected by the top 10 mortgage lenders

*Applications denied for these lenders includes preapprovals denied
Source for data: Federal Financial Institutions Examination Council
Source for largest lenders: Inside Mortgage Finance

Since the housing downturn, most banks have been selling the mortgages that they originate to government-backed agencies. These groups, including Fannie Mae  and Freddie Mac , set the minimum guidelines—including credit score, down payment, and debt-to-income ratio requirements—which lenders must follow when determining whether to approve a mortgage applicant. Housing experts say if large lenders stuck to that rubric, they would all have similar rejection rates. They vary widely, however, in part because most lenders add an extra layer of requirements on top of the federal guidelines, says Feldstein.

Banks’ additional requirements stem from the housing downturn when government agencies returned mortgages that banks had sold to them after borrowers defaulted. This was done on the grounds that the loans were poorly underwritten or because of other violations. Referred to as mortgage buybacks, they fell to their lowest level in four years during the second quarter of this year, according to Inside Mortgage Finance, a trade publication. But experts say many banks are sticking to their additional requirements to avoid new losses. “[They’ve made] decisions about whether they want to skate right on the edge of those guidelines or be in a comfort zone,” says Stuart Gabriel, director of the Ziman Center for Real Estate at the University of California, Los Angeles.

Of course, mortgage-rejection rates have come down significantly since the recession, when lenders pulled back on mortgage originations in the face of rising foreclosures. In 2009, rejection rates among most of the lenders on this list ranged from 13% to 70%. Two lenders—SunTrust and PHH Mortgage—had lower denial rates than in 2012. That disparity was not surprising then since lenders sold most of their mortgages to private investors who collectively accepted a wide range of underwriting standards.

filmfoto / Shutterstock.comEnlarge Image

To be sure, housing experts say recent rejection rates could vary greatly among the banks because of the types of mortgage applicants they’re receiving. For instance, lenders who receive a greater share of borrowers with lower credit scores or income, or higher debt, are more likely to have high rejection rates. In some cases, the banks’ existing customers could be contributing to higher rejection rates. Chase and Bank of America, which had the highest rejection rates in 2012, have sub prime borrowers that they acquired when they bought Washington Mutual  and Countrywide, respectively. If those borrowers tried to buy another home, it’s likely that they turned to these banks since they already had a relationship with them and were denied because of their poor credit, says Feldstein. A spokesman for Bank of America says the bank’s denial rates have been consistent over several years, ranging from 20% to 25%, including prior to the Countrywide merger. Chase did not respond by press time.

In many cases, however, borrowers face rejection rates that are even higher than the numbers on this table show. Home buyers typically have to answer a laundry list of questions about their finances before they even make it to the actual mortgage application. Many would-be applicants are denied before they even sign an application, says Guy Cecala, publisher of Inside Mortgage Finance. Some lenders will deny a large chunk of home buyers in the pre-approval process. For instance, excluding pre-approvals, Wells Fargo denied roughly 12% of applications; with pre-approvals, the rejection rate jumps to about 21%.

Separately, a large number of applicants never get approved or denied. More than 71,000 applications or 8.6% of all applications among the top 10 lenders in 2012 were either withdrawn or closed because they were incomplete, according to the FFIEC data. These cases include borrowers who couldn't produce income documentation or meet some other requirement that awaited them and walked away from the mortgage request.

For home buyers, the findings underscore the importance of casting a wide net when shopping for a mortgage. In addition to contacting individual lenders, consider speaking with mortgage brokers who work with a variety of lenders and can give would-be borrowers an idea upfront of whether they can get approved. And just because buyers are denied, that doesn’t mean they should stop the search.

Going forward, it remains to be seen whether the range of rejection rates will widen even more. As banks slowly increase their number of portfolio mortgages—which they keep on their books rather than sell to government agencies—the terms that borrowers have to meet could differ even more from one lender to another. (With portfolio mortgages, lenders set their own terms for the entire approval process.) Separately, now that mortgage rates are rising and refinancing activity is falling, lenders are becoming more eager to generate new mortgages, experts say, and some may approve more applicants than they are currently

Alex Rodriguez Buys New Condo in Miami Beach for $2.1 Million

AUTHOR:ERIKA RIGGS

Banned for 211 games and in danger of losing his baseball career for good, embattled Alex Rodriguez has bought a high-rise condo as his new hideout, according to Gossip Extra.

Surprisingly, A-Rod dropped only $2.1 million on his new place. Sure, that’s a lot for most homeowners and even for Miami Beach — the median home value is currently $310,400 — but Rodriguez just sold his custom Miami estate for $30 million in May 2013. His New York Yankees salary for the 2013 season was $28 million.

Perhaps Rodriguez was anticipating not making as much (or perhaps nothing at all) in 2014, so he decided a major downsize was in order, choosing the 3-bedroom condo for his new residence. He purchased the home in late June under a vaguely named trust held by his real estate company Newport Property Ventures, which owns about 15 apartment complexes.

Just because Rodriguez’s new condo is nowhere near the price of his former beachfront home doesn’t mean it isn’t luxe. The condominium complex sits on Millionaire’s Row in Miami Beach and comes with a host of high-end amenities such as an enormous fitness center, spa, infinity pool, 24-hour concierge and valet parking. The units themselves have modern kitchens with high-end appliances, and the bathrooms feature limestone, marble and river rock. Rodriguez’s new home came fully furnished.

Improve Your House By Doing These Straightforward Tricks

By Gerry Finney

Do-it-yourself is essential to keeping up your house, but you have got to understand it and what to buy for it. There are many different types of laws, design elements and tools that you need to know. This article should help you get prepared for your house improvement projects.

Choosing the proper paint color for a room is essential. Color can affect how you're feeling when you're in the room. A cool color will calm you, whereas a warm tone can energize you. If you're painting a tiny space, utilize a cool color as it will make the room look bigger. If the space is imposing, employ a warm color to make it feel more comfortable.

Think about your improvements before making your last decision. This is very important to make sure you stay on budget and inside a certain amount of time frame. Adding new work and new goals to a project that's already underway can strain your budget and your schedule much more seriously than you would expect. Your contractors will be pleased if you have made a call of what you need before they start.

Organize different items in your garage by putting them into clear plastic boxes. Label these boxes and ensure they are stackable. This is a cheap way to make the garage look better, find things when you want them and keep your significant items safe from any creatures that find their way into your garage.

If you just acquired your house or are refurbishing it, you know that wallpaper borders could be a pesky item to get rid of. If you have the time and don't want to invest a ton of money in removing it, you can easily remove it with the following steps: 1. Get a tiny spray flask and fill it with water. 2. Grab a towel for the very next step. Frequently spray the wallpaper border until it is completely wet. The water activates the glue on the back and makes it slimy, which in turn makes it easier to remove. 3. Simply rub the towel over it in a circular fashion and it will start peeling off the wallpaper.

Is it less expensive to do it yourself or pay somebody else? If you decide to totally re-do your bathroom, but know zip about plumbing, it might be beneficial to pay a plumber to come in. Also , you can take a look at the self help books at your local building supply. Don't ever be scared to ask. An easy project shouldn't cost more due to inexperience.

Soundly screw your shelves and other tall furniture to your walls! As well as being step a crucial safety care in fortifying your home for a potential quake, doing so might actually prevent a kid or old person from knocking these tall items over on themselves and sustaining major injuries.

Home projects not only improve your home, they maintain the home, so the experience of the correct way to perform the mandatory projects is important. Knowing what you've got to do and the way to do it makes it simpler to get it done. And this article will get you moving!

Engaged? Why It Can Be Smart to Buy a Home Before the Wedding

Getty Images

By Credit.com

By Scott Sheldon

They popped the question; you said "I do" and now you're engaged. You're now looking forward to getting married and settling down. However, when you say "I do," you're not just saying "I do" to that person, you're also saying "I do" to their finances -- for better or worse. And the finances will dictate your ability to purchase a house.

Unfortunately, the American Dream of homeownership can easily be quashed if would-be buyers don't plan accordingly in their endeavor to buy a new home. In fact, the traditional practice of getting married, then settling down (or "nesting") might not always be the best tactic. Depending on your circumstances, you might be better off buying a home before you walk down the aisle. Here are reasons to do just that:

Debt: The single most limiting factor is the debt of your future spouse. Let's say your spouse has student loans, credit cards, an auto loan and many other payment obligations. If you're buying a house, there's a good chance even if he or she is not on the loan, their debt obligations will be counted against your qualifying ratios, significantly reducing your ability to qualify for the loan and consummate the house purchase.

Here's the skinny: If you are buying in a community property state, (California is one of them), the debt of the non-signing spouse is automatically joint no matter who is on the loan. You can solve this problem by buying the house before the wedding. The lender will not be required to look at both credit reports because you are not yet married.

Credit Score: Let's say your credit score is 800, and your future spouse's credit score is 620. Lenders always use the lower of the two credit scores. It would be awfully unpleasant to have to pay a substantially higher interest rate on a mortgage loan when you have excellent credit. In fact, if we look at a loan amount of $300,000 with a 30-year fixed rate mortgage, an individual with an 800 credit score could secure a 4.625 percent interest rate, whereas someone with a 620 credit score might receive a 5.5 percent interest rate.

The higher rate translates into $161 per month more in interest, meaning you'll pay $57,942 more in interest over the life of the loan -- all because your spouse has a 620 credit score. You can solve this problem by -- you guessed it -- buying the house before you get married. If you know enough ahead of time what your respective credit scores are, you might be able to work toward raising them before you buy. Either way, it's good to keep tabs on your score for many reasons. (Using a free tool like Credit.com's Credit Report Card to monitor your credit score can help you plan for your current and future credit needs.)

Cash: If your spouse can't source cash deposits going into their bank account, you both lose. Even if the money is not being used in the home purchase, the mortgage company is still required by federal law to source any deposits beyond one's normal income source. Here's another problem that's solved by buying the house first.

Loan Type: If you're using a conventional loan to buy a house when you're married, and the other spouse is not on the loan, their debts will not be included in your debt ratio (which informs how much you can borrow) as they otherwise normally would. On the other hand, your spouse's debtswill be factored into your debt ratio if you are using loans by the FHA, VA and the USDA.

Applying as a Couple: When you're married, lenders will look at your ability to qualify for the house purchase based on a joint application, unless specifically stated otherwise. By qualifying for the loan prior to getting married, a prudent couple stands to gain the most benefit because they have more options. This is true when it comes to how their loan is structured to best qualify them for a favorable interest rate, as well as getting a more favorable house payment and better down payment financing.

Bottom line: Being married when you buy a home can limit a lender's options for getting you qualified.

So congrats on getting engaged! Now go talk to a mortgage lender to see how your financing options can line up. Doing this before you get married can mean the difference between getting a home now ... or getting one many years down the road.

Courteney Cox Lists A. Quincy Jones Estate for $19.5 Million

AUTHOR:ERIKA RIGGS

Source: IMDb

Not only did Courteney Cox and Jennifer Aniston share the small screen together for 10 years on the hit show “Friends,” they also share a love for A. Quincy Jones real estate. Both have owned houses designed by the architect — although Cox may not own her Jones-designed home much longer. The “Cougar Town” actress and her ex-husband, David Arquette, just listed the Trousdale-area property for $19.5 million.

Cox and Arquette bought the home on Wallace Ridge in Beverly Hills for $5.45 million in 2004 under the same trust that they later used to pick up their designer house in Malibu. The two then hired architect Cory Buckner, a Jones expert, to do a complete remodel, which included a reconfiguration of the bedrooms as well as a new hall, kitchen and finishes.

The home stands at 5 bedrooms and 6 bathrooms and also features prime outdoor areas, including a patio with fireplace and pool with views of the city lights below.

Arquette and Cox finalized their divorce earlier this year, and unlike many divorces, the settlement did not specify anything about property. Rather, it appears the two are splitting the homes equally, starting with the Trousdale home. 

The listing is held by Jonah Wilson of Hilton & Hyland.

Public Transportation Affects Home Values

By Michael Estrin 

Published September 23, 2013

Bankrate.com

Location is everything in real estate, but these days location doesn't just mean a good neighborhood. If you buy a home that's near public transportation, a new study says that purchase is more valuable than similar properties without good access to subway, bus and rail lines.

The study, commissioned by the American Public Transportation Association and the National Association of Realtors, or NAR, looked at five years' worth of sales data in several major American cities with varying levels of public transport infrastructure. On average, values for properties located within a half-mile of public transportation, an area dubbed the "public transport shed," performed 41% better than properties located outside that coveted area.

"Transportation plays an important role in real estate and housing decisions, and the data suggests that residential real estate near public transit will remain attractive to buyers," Lawrence Yun, chief economist for NAR, said in a news release. "When consumers choose a home, they also choose a lifestyle. Shorter commutes and more walkable neighborhoods matter to a growing number of people, especially those living in congested metro areas."

That finding doesn't surprise Ariel Dagan, an agent with Keller Williams Realty in New York City. He focuses on the Upper East Side of Manhattan.

"On the Upper East Side, you can see apartment values drop by around 15% to 20% for every block (or) avenue you go east (away from the subway line)," he says. "One of the main deal breakers for clients interested in this neighborhood is close proximity to the subway line."

According to Dagan, anything more than an eight-minute walk to the subway line in his area is often considered too far from public transportation. But that's New York, which is undoubtedly a walking city and consistently rated as among the top U.S. cities for public transportation. What about cities that aren't known for their public transportation?

Like most matters concerning real estate, it often comes down to the local market. But as the study points out, even in cities like Phoenix, which aren't widely heralded for their public transportation, houses that are close to bus lines and light rail transit tend to hold their value better than those that are farther away.

In Bloomington, Ind., which Re/Max agent Deb Tomaro describes as having a "robust" public transport system, proximity to bus lines is important for some of her buyers, especially clients associated with Indiana University, where parking is often quite scarce. She speculates that residents are drawn to the convenience of nearby public transport, as well as the perceived environmental benefit.

Don't lose perspective

Regardless of what drives demand for homes close to public transportation, it's important for buyers to keep that factor in perspective.

"We go through a checklist or wish list with buyers and try to gauge their priorities," says Prime NYC founder and CEO Eric Hantman, who points out that public transportation is often in the mix with factors like local schools, neighborhood, property amenities and, of course, price.

A lot depends on the buyer's lifestyle.

"If the buyer is a single young professional, they are most likely going to look for transportation as the main factor to their search," says Dagan, who adds that families are more likely to have a broader range of factors that go beyond public transportation.

As for weighing public transportation among multiple competing factors, Dagan says it often comes down to figuring out how close they can get to a bus or train line without blowing the budget.

Can you be too close to public transport?

In Portland, Ore., a city with a well-regarded public transportation system, real estate agents say buyers look at access to buses and light rail transit in much the same way they consider a new roof on a listing or the square footage. But there's also such a thing as being too close.

"Portland has an eco-sensitive identity and has long been recognized as a transit leader," says Rob Levy, a principal broker with Keller Williams Realty Professionals in Portland, Ore. "Accessibility to public transportation is an asset and can drive the value of a property up; however, for properties too close to certain features, like the actual rails for the light rail system, property values can be adversely impacted."

In other words, look around before you buy. While you probably want to be close, possibly even walking distance, to public transportation, buyers may not want to be within sight -- or earshot -- of a rail line or bus stop.

What to Consider When Buying a Second Home

by MARK SCHEETS in FOR BUYERS

Sooner or later you may reach a point in your life where you are financially stable and plan to purchase a second home.  For the most part, people who look to buy a second home are either looking at it as an investment or somewhere to vacation.  It is important to become familiar with the process when looking for and making the decision to purchase a second home.

Purchasing a second home is similar to the purchase of your first home, but there are also some important differences that you may not be aware of.  Two of the most important things to consider when buying a second home are to know what you’re looking for and how much you can spend before beginning the process.

When considering buying a second home, timing is a big aspect of the purchasing decision.  If you are in the middle of your career or ready to retire, you need to ask yourself what is the point of buying a second home.  Many homeowners will ask themselves “Do I want to use this home as a personal retreat or as a rental property?” Another question often asked is “Can I afford this?”  You may have to wait 6 months or a year, but having a good understanding of the current market and knowing when you are planning on making the purchase, will get you what you want.

Get Help

One step that will benefit you when looking for a home, is hiring an agent.  Most people find their agents through friends, family members or colleagues.  The agent’s job and expertise is in helping guide you down the correct path and being there to answer whatever questions you may have.

Do Your Research

Your second home can be whatever you want it to be, but one thing to keep in mind is that the location and property need to be a good fit with your current lifestyle.  A good idea for buying an investment property is to make sure that it is somewhat near your current home, in order to be close to it in case of an emergency.  When considering a vacation home, especially one that is far away, it is a good idea to talk to the locals who live there to get their prospective on the area.  This is important because you will not be at the house year round; and you need to see yourself enjoying living there.

Whether you have planned to purchase a second home for years, or have finally started considering it, it is extremely important to make sure all of your finances are in order.  It is a good idea to know exactly what is needed financially to get your plan into motion.   When applying for a second mortgage, there will be stricter lending and mortgage requirements, especially if you will not be living in that home.

Be Prepared

Another aspect to take into consideration is your taxes, which will be based on the use of your second home.  The IRS has declared “if you live in your home for more than 14 days, or more than 10% of the time you rent it out in a year, then it is considered your personal residence”.  If these conditions are not met, your home will be considered a rental property and you must report all rental receipts as income.

When the time comes to finally figuring out how to purchase your home, weighing your options are important.  It’s good to know that buying an existing home is far cheaper than buying land and building.  Many people with second homes have made financial mistakes with their home and are looking to sell quickly to cut their losses and move on.  This fact could help a buyer if the house is similar to what they are looking for, as it can be had for a cheaper price.

A mortgage on a second home will have a higher interest rate than one on a first home.  It might be a good idea to consider a home equity line of credit (HELOC).  A HELOC allows the buyer to tap into their existing home’s equity so that you can provide a bigger down payment.

Protect Yourself

If the time ever comes where you decide you would like a second home, make sure that you do your research.  Being aware of what you are getting into is always smart before diving in.  There are various differences between the ownership of a primary home compared to a secondary home and knowing these differences will help out immensely.  However you decide to use it, those who pursue the ownership of a second home will have to take extra precautions in protecting their investment.

Drew Barrymore’s $6.9 million California estate for sale

by Matthew Breen

Actress Drew Barrymore is selling her Montecito, California, estate for $6.9 million. That’s a price drop of $600,000. The estate features a classic two-story traditional home built in 1937. It includes approximately two acres of secluded grounds. Inside you’ll find 6,000 square feet of living space, including 6 bedrooms, 7.5 bathrooms, and separate guest apartment.

Barrymore bought the home for $5,705,000 in 2010.

 

 

 

 

 

 

 

 

 

Versace mansion auctioned for $41.5 million

BY MARTHA BRANNIGAN

MBRANNIGAN@MIAMIHERALD.COM

The former Versace mansion fetched a top bid of $41.5 million at a high-profile auction Tuesday from New York’s Nakash and Gindi families, who own the Hotel Victor next door.

Donald Trump — who deployed his son, Eric Trump, to bid on his behalf at the court-ordered bankruptcy sale — bid as high as $41 million for the iconic South Beach estate, making him the back-up bidder in the unlikely event the top bidders don’t follow through on the all-cash deal.

At a bankruptcy-court hearing set for Wednesday morning, a judge will be asked to approve the sale of the lavish 10-bedroom, 11-bath mansion, known as Casa Casuarina.

Although the Mediterranean-style estate at 1116 Ocean Drive won’t get the Trump name, it could end up with Versace’s moniker again — that is, if the new owners can cut a deal with the family of Italian designer Gianni Versace, who was shot to death on the steps of the property in 1998.

Joe Nakash, chairman of Jordache Enterprises, said at a news conference on the mansion steps after the auction that his group wants to operate a boutique hotel there, using the famed Versace name. The hotel would operate in tandem with the Hotel Victor next door, which recently reopened after a major renovation of the 91-room, Art Deco property.

“If not, we’ll use the former name, or a new name,” said Nakash.

The Hotel Victor owners have been after the Versace mansion for some time. Their VM South Beach LLC acquired the mortgage on the property in December 2011 from a German bank, WestLB. VM South Beach’s principals include the Nakash interests and Gindi Capital, controlled by the Gindi family.

“They’re so thrilled they can now combine these properties to offer top-quality entertainment and hospitality to their customers,” said Ralph Bekkevold, a shareholder at Greenberg Traurig in Miami, who represents the winning bidders.

Weeks before the auction, which was closed to the public and media, VM South Beach LLC put in a stalking-horse bid of $25 million, setting a minimum for others. The bidding Tuesday went in $500,000 increments.

A third bidder who had put up a $3 million deposit to participate in the auction — Palm Beach Polo and Country Club owner Glenn Straub — made a single bid and stopped, leaving the Hotel Victor interests and Trump to duke it out, according to Lamar P. Fisher, of Fisher Auction, which conducted the auction on the site.

Trump, the real-estate kingpin and TV reality-show celebrity, said it was no big deal that he didn’t get the trophy mansion. “We sort of thought it was a $25 million property,” Trump told the Miami Herald afterward in a phone call. “I thought it would be a nice little retreat, but nothing very important.”

Experts say Trump might have used the South Beach oasis to round out his offerings to wealthy South Florida tourists. He owns Mar-a-Lago in Palm Beach, the former estate of Marjorie Merriweather Post, which he turned into a private club and spa. Last year, Trump acquired the Doral Golf Resort out of bankruptcy proceedings and renamed it Trump National Doral. The sprawling Doral resort is in the midst of a $250 million renovation.

Tuesday’s auction drew a sizable crowd of journalists, who staked out the mansion’s front entrance, as well as the occasional curious tourist passing by.

The exterior of the building is deceptively simple, but the inside is all about grandiosity. Versace purchased the property in 1992 and spent $33 million in renovating it, adding a wing and making additional upgrades. Each room is decorated in a fantasy theme.

The house, which has hand-painted murals and ornate statues throughout, boasts a 54-foot, mosaic-inlaid pool lined in 24-karat gold.

Peter Loftin, the owner, placed the corporate entity it is held in, Casa Casuarina LLC, in Chapter 11 federal bankruptcy proceedings July 1 to stave off lien holder VM South Beach’s efforts to appoint a receiver and wrest control of the sale process from him.

Loftin, a telecom entrepreneur, bought the property in 2000 for $19 million. Until May, Barton Weiss, a well-known Miami restaurateur, had leased the property, operating it as The Villa By Barton G, a 10-room boutique hotel.

Loftin listed the property for sale in June for $125 million with luxury real-estate brokers Jill Eber and Jill Hertzberg, who operate as The Jills Team at Coldwell Banker. He later pared the price to $100 million and then $75 million, but drew no buyers. When it was set for auction, the Jills joined Fisher Auction in marketing the property to wealthy prospects around the world.

Joe Grant, Loftin’s attorney, said late Tuesday: “It’s a somber day for him. He’s obviously attached to the property from living there.” Grant said after all the property’s debts are paid, “he’s going to walk away with some money in his pocket.”

A 9.9 percent share of the proceeds due Casa Casuarina LLC will go to the bankruptcy trustee for Rothstein Rosenfeldt Adler, the defunct Fort Lauderdale law firm of convicted Ponzi schemer and attorney Scott Rothstein. Rothstein, who married his wife Kimberly at the mansion, had invested in Casa Casuarina LLC.

“We feel it brought fair market value,” Fisher told reporters. “It was exposed worldwide.”

“This is one of the most-recognized properties in the world. It’s iconic,” added Jill Eber. “So it’s always hard to identify where the value would end up.”

Read more here: http://www.miamiherald.com/2013/09/17/v-fullstory/3632471/versace-mansion-auctioned-for.html#storylink=cpy