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

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sandton  |  property  |  rich  |  wealthy
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