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All parties — bond investors, the housing authority and philanthropic funds — expect to earn at least some return on their investment.

The institution said he would receive a doctorate in law in recognition of his philanthropic work and impact on education, music, sport and literature.

The expedited reopening is being backed, in part, by money from the Jan. 30 FireAid benefit concert and the philanthropic arms of the Los Angeles Dodgers and Los Angeles Clippers.

In a statement issued on Thursday, Capri Holdings said Versace would now "dedicate herself to the support of Versace's philanthropic and charitable endeavours and will remain an advocate for the brand globally".

Ownership of the diner transferred to Riordan’s trust, which said it sought to sell the asset to support its philanthropic endeavors.