Dubai's Palazzo Versace property is again up for auction - this time with a massive price slash
Seller hopes catch bids for iconic Dubai development after earlier setting bids at Dh1.3b
Dubai: The Palazzo Versace property in Dubai is once again listed for auction – this time with a massive cut to the original asking price of Dh1.3 billion when it was first put up for a sale. In between, the seller had dropped the asking price to just over Dh1 billion and still failed to find an interested party.
This time, the asking price is set at Dh700 million, with the bids open until October 16. All of which is happening while the hotel – one of the more recognizable ones in the city – continues to function smoothly and awaits increased activity during the peak season for the Dubai hotel sector.
Market analysts are still unsure whether there will be bids for the property even with the price slash to Dh700 million. In between, there were negotiations by the banks involved to work out a solution with the current owner on the debt settlements, according to sources.
“The auction is only on the property itself – the trade license itself is not included in the sale,” said a source. “The property itself is rented out (to the hotel operator) until March 2028.
“Any interested party will need to factor in these details before deciding whether to bid or not.”
What a buyer will get are the 130 suites, plus four restaurants, the swimming pool and gym facilities, and other elements. (The residential units forming part of the development are not part of the sale.)