PICS: Zim tycoon's luxury home goes for R36.5m | Fin24
 
  • Surprised?

    Does Johann Rupert still define South African capitalism? Not really, says Ferial Haffajee.

  • Double Whammy

    Gordhan's top 10 quotes from a frank media briefing about what's plaguing Eskom.

  • Load shedding schedules

    Find links to load shedding schedules for major municipalities here.

Loading...

PICS: Zim tycoon's luxury home goes for R36.5m

Nov 29 2018 15:41
Compiled by Lameez Omarjee

The luxury multi-million rand Johannesburg mansion of top Zimbabwean businessman James Makamba was auctioned off for R36.5m on Thursday.

The Villa Royale, an ultra-exclusive boutique hotel, on Coronation Road in Sandhurst, Gauteng was auctioned off as a result of a court order.

Makamba who owned the double-storey manor is believed to owe Absa bank's wealth unit R59m in debt as a result of mortgage, credit card and vehicle financing accounts, Fin24 reported previously.

According to a statement from High Street Auctions issued earlier this month, Villa Royale was on the market for over a year before the financial institution took control and ordered the auction. Bids started at R25m.

The property 1 650m² in size, has open air parking for nearly two dozen vehicles, five luxury suites, a wine cellar, a "state of the art" gym, a 13-seater cinema with reclining leather arm chairs, a cigar lounge, a spa and games room. The flooring is marble and apart from staircases there is an elevator between storeys.

Here's what the manor looks like: 

Villa Royale is up for auction.

Of the 2 200 multi-dollar-millionaires in South Africa, 120 live in Sandhurst, a suburb north of Johannesburg, according to AfrAsia Bank and New World Wealth.

Villa Royale, Sandhurst.

Trophy homes are defined as costing more than R20m and there are 110 such mansions in Sandhurst.

Villa Royale, located in Coronation Road went for

The mansion is approximately 1 650m² in size set in expansive grounds of nearly 2 300m².

Villa Royale, Sandhurst.

The opening bid was R25m, and the manor was sold for R36.5m.

* Sign up to Fin24's top news in your inbox: SUBSCRIBE TO FIN24 NEWSLETTER

sandton  |  property  |  rich  |  wealthy
NEXT ON FIN24X

 
 
 
 

Company Snapshot

Money Clinic

Money Clinic
Do you have a question about your finances? We'll get an expert opinion.
Click here...

Voting Booth

Can the SABC avoid retrenching staff?

Previous results · Suggest a vote

Loading...