Peter Loftin filed for bankruptcy protection for Casa Casuarina LLC. The move came as VM South Beach was urging the appointment of a receiver over the lack of property insurance and security at the oceanfront estate.
After the petition of Loftin, VM South Beach filed for a trustee that will be appointed by the court in the Chapter 11 case. However, Loftin did not agree with the need for a trustee, reports said.
Loftin noted that the premises have been resided in by attorney Joe M. Grant, a Miami Beach Police Sergeant, who will represent Casa Casuarina.
Reports mentioned that Casa Casuarina features ten bedrooms, eleven bathrooms and a mosaic-inlaid pool that is lined in 4-karat gold. They stressed that the fortunes of the property worsened when a Barton G Villa moved out in May.