Court Order Suspends Palazzo Versace Dubai Auction, 24 Hrs Before Bidding Was Supposed To Close

The auction of Palazzo Versace Dubai was stopped by court order. Here's what happened!

by Shreya Rathod
Court Order Suspends Palazzo Versace Dubai Auction, 24 Hrs Before Bidding Was Supposed To Close

The Palazzo Versace Dubai illustrates the true essence of luxury! The Neoclassical masterpiece mixed with Arabian architecture is opulent beyond expectation. In fact, the hotel represents the Versace lifestyle to the ‘T’. The Palazzo Versace Dubai was put on auction for a minimum bid price of $9 billion. However, a court order has stopped the auction; here are the details.

Palazzo Versace Dubai Auction Stopped!

Earlier, the Palazzo Versace Dubai was set on auction with a minimum bid price of $9 billion and it was open for just 3 days. In fact, the buyers had had five days to prepare their offers. There had been speculations regarding a possible sale of the property in addition to discussions about “imminent” deals being signed with a new buyer. However, a court ruling has put a halt to the Palazzo Versace auction, which was scheduled to expire less than twenty-four hours ago.

The auction was closely watched but there had been no offers on the property until the auction was halted. Considering the recent developments regarding the court order, it was reasonable for any prospective bidder to ascertain the future course of action. The hotel was mentioned as a potential acquisition target in the market recently. But none of it ever transpired, which is why it created a lot of noise when it was up for sale.

The Hotel Features Greek Decor And “Pietra di Fiume”

The Palazzo Versace has reportedly been seeing some respectable occupancy rates lately. This has undoubtedly been aided by Dubai’s continued status as one of the world’s most popular travel destinations. The hotel is situated along the banks of the famed Dubai Creek at Jaddaf Waterfront. Greek décor and the spectacular “Pietra di Fiume” design of the famous Medusa are trademarks of the hotel which greets guests as they arrive. This opulent hotel features exquisitely designed gardens and unhindered views of the city and Dubai Creek. Not to forget the beautiful al fresco terrace paying homage to heritage of Palazzos.

Also Read: Dubai International Airport Welcomed 23M Passengers In Q1, Marking 8.4% Increase Than Last Year

With 215 hotel rooms and suites, and 169 residences, this hotel is a real luxury haven for leisure travellers, with various Versace-only designs and materials visible throughout the public areas.

Cover Image Courtesy: Palazzo Versace Dubai/ Website

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