<\/p>\n
The South African Reserve Bank (Sarb) will be the main beneficiary of the sale a huge property owned by the late Markus Jooste, former CEO of Steinhoff.<\/p>\n
This after the bank obtained a high court order in October 2022 to attach Jooste\u2019s assets. The seizure of assets was based on suspected contraventions of Exchange Control Regulations. The Financial Sector Conduct Authority (FSCA) might also request some of the proceeds of the sale of the property as it pursues payment of a penalty of R475 million that was served against Jooste before his death in 2024.<\/p>\n
Read:
Steinhoff, now Ibex, exits Pepkor stake in R28bn deal
Markus Jooste\u2019s death won\u2019t have an impact on Steinhoff investigation \u2013 FSCA<\/p>\n
The FSCA penalty for financial misconduct \u2013 including warning friends to sell Steinhoff shares a few days before Steinhoff\u2019s market collapse and distribution of false financial information \u2013 was issued a few days before Jooste\u2019s suicide near the huge house in Hermanus.<\/p>\n
The property is one of the largest residential properties, and the most expensive, in the coastal town of Hermanus. That is saying a lot as the town is home to many valuable houses.<\/p>\n
The attraction is that Hermanus is less than 150km from noisy, gridlocked Cape Town \u2013 with beautiful ocean views from shady verandas facing the southern Atlantic Ocean.<\/p>\n
Estate agents will be quick to point out whales frolicking in the \u201cwarm\u201d water before giving birth and migrating back to the colder waters of the Antarctic.<\/p>\n
Read:
Former Steinhoff CEO Markus Jooste has died
Markus Jooste slapped with a R475m fine for Steinhoff misconduct<\/p>\n
Estate agent Seeff Property Group described the house as a \u201clandmark property\u201d in the \u201cprestigious Vo\u00eblklip area\u201d and noted that it is situated in one of Hermanus\u2019s most exclusive enclaves.<\/p>\n
\u201cIt boasts panoramic views of Walker Bay, famed globally for its whale-watching,\u201d it said when it first got the mandate to sell the property.<\/p>\n
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Seeff listed the property for R105 million some six months ago, in August 2025. When the Sarb attached the property in 2022, it noted that it was worth around R80 million.<\/p>\n
Since then, property prices along the southern Cape coast have increased sharply, fuelled by migration from Gauteng after the Covid-19 pandemic introduced remote working.<\/p>\n
\u2018Rare\u2019 double stand<\/p>\n
Still, R105 million is exceptional. Seeff Hermanus principal Paul Kruger noted that Jooste\u2019s property comprised a \u201crare\u201d double stand of more than 7 000m2 in the very popular Vo\u00eblklip.<\/p>\n
Seeff says the estate comprises a main house with multiple additional residences.<\/p>\n
It has seven bedrooms and nine bathrooms, multiple receptions rooms, a private wine cellar, library, indoor swimming pool (heated, obviously) 10 garages, and two cottages.<\/p>\n
The vague description and aerial photos showing passages linking different structures make it difficult to say with certainty how many residences were built on the property. Usually, residential properties in Hermanus are restricted to a main dwelling and a second flat or cottage.<\/p>\n
Many properties in Vo\u00eblklip have more onerous restrictions that allow only one dwelling on a stand.<\/p>\n
To prevent cheap sightseeing during the marketing of the property, visits were limited to approved buyers or by invitation only.<\/p>\n
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Comparison <\/p>\n
It is interesting that the new owners were willing to pay the listing price of R105 million rather than negotiate, even for the outstanding property.<\/p>\n
The next property that Seeff has available in Hermanus is a six-bedroom house for R55 million in an adjacent suburb. After that, there is a property for R22 million.<\/p>\n
Seeff has a smaller property on offer in Vo\u00eblklip a few blocks away from the Jooste property \u2013 a five-bedroom house for R18.5 million, on a stand of only 724m2 compared to the 7 000m2 of the Jooste property.<\/p>\n
It says this property is just 40 metres from the \u201crenowned\u201d Vo\u00eblklip surfing beach and offers a rare opportunity to embrace Hermanus living.<\/p>\n
\u201cKnown worldwide for its pristine coastline, vibrant marine life, and relaxed yet sophisticated atmosphere, Hermanus has long been celebrated as one of South Africa\u2019s most desirable seaside towns,\u201d it says.<\/p>\n
Another upmarket house is being offered by Pam Golding. It looks like a guest house with 10 bedrooms and 10 bathrooms in two dwellings, each with its own swimming pool.<\/p>\n
Development<\/p>\n
It looks like the huge Jooste property might be redeveloped into a boutique hotel or an upmarket guest house.<\/p>\n
Seeff said in a statement following the sale that the new owners are a group of investors that are currently considering options.<\/p>\n
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\u201cThe buyers are currently investigating several options to optimise the properties in a manner which restores and enhances their value while contributing positively to the broader community,\u201d Kruger said in a statement after the sale was confirmed.<\/p>\n
\u201cThese properties form part of the historical fabric of Hermanus and their sale marks the beginning of a new chapter for a truly iconic estate.<\/p>\n
\u201cThe investors recognise both the significance of the properties and the exceptional setting of Vo\u00eblklip, and firmly view the properties as a long-term strategic investment,\u201d he says.<\/p>\n
\u201cSeveral possibilities are currently being considered to ensure that the estate\u2019s future positioning is approached in a responsible and considered manner.\u201d<\/p>\n
Kruger adds that Hermanus attracts interest from local and international investors and property prices are increasing. He says transactions over R5 million have more than doubled in just a few years.<\/p>\n
It is telling that Seeff Hermanus has 21 residential properties for sale for more than R10 million each and another six just below R10 million. There is little choice below R4 million in its listing of 139 properties, with cheaper homes built on very small stands.<\/p>\n
The Sarb says it has noted the sale of the property and will issue a statement over the next few days.<\/p>\n
Listen\/read:
Steinhoff: What\u2019s next for SA\u2019s biggest corporate fraud case?
Cold cash: How was Jooste\u2019s mistress able to access frozen assets?
Legal precedent set as Jooste\u2019s paramour forfeits assets
Steinhoff Ex-CFO appears in court months after CEO\u2019s death
Steinhoff on the hook for R6.2bn
Hawks arrest Jooste\u2019s associate in Steinhoff insider trading case
Ex-Steinhoff finance chief Ben la Grange sentence to 5 years in prison
Machinations of fraud still to be revealed in Steinhoff case
Trial of Steinhoff\u2019s former treasury head St\u00e9han Grobler delayed
Ben la Grange \u2013 a missed opportunity for justice
Almost R67m from Steinhoff accused forfeited to the state
Contents of Steinhoff\u2019s PwC report still unknown
SAPS arrest two more suspects over Steinhoff fraud
Steinhoff fraud trial moved to South Africa\u2019s high court<\/p>\n
#Markus #Joostes #mansion #Hermanus #sells #R105m<\/p>\n","protected":false},"excerpt":{"rendered":"
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