Clifton villa sold for R90m in SA's highest-ever bid

Posted On Monday, 28 November 2016 22:21 Published by
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CEO of a jewellery house makes history as she bids R90m at an auction for a dream villa in Clifton.

 Clare_Wiese

THE CEO of a jewellery house made history yesterday when she bid R90-million at an auction for a dream villa in Clifton. Clare Wiese put in the highest bid ever achieved on a residential property in South Africa.

The six-bedroom mansion in Nettleton Road, arguably the most exclusive street in the country, was developed by property mogul Stuart Chait, who co-founded MvelaProp with Tokyo Sexwale.

Sasfin Bank had been a partner. But Chait said the bank considered it “too big an exposure on their books” and decided “not to extend the loan”.

Chait put the house — with eight bathrooms, a sauna, pool and an elevator — on the market months ago for R150-million. But the bank ordered the auction.

He believes they could have achieved a higher price this summer when international buyers are set to prowl for luxury.

Or, said Chait, the house could be refinanced and “rented out”.

“We were recently offered a R3.5-million rental for a two week period over Christmas and New Year by the CEO of a Fortune 500 company, and have had several rental offers at R150000 a day,” said Chait.

Lew Geffen, chairman of Lew Geffen Sotheby’s International Realty, which jointly marketed the mansion, was not surprised at the outcome of the auction, which lasted just a few minutes.

“We’ve seen this time and time again that when a trophy home comes onto the market as a distressed property, it will always attract the right buyer at the right price,” said Geffen.

Wiese is the daughter of the richest man in the country — Christo Wiese. However, Clare is an accomplished businesswoman in her own right, and the founder of contemporary fine jewellery brand Paka Paka.

“We are very excited about the purchase. I have lived in Clifton all my life and consider it home,” said Clare.

Joff van Reenen, director and lead auctioneer for The High Street Auction Company, said it was the highest-ever bid achieved on a residential property.

source: The Times

Last modified on Monday, 28 November 2016 22:36

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