This article was last updated on April 16, 2022
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Half-built royal mansion of an expelled ANCYL President Julius Malema was sold for R5.9million on Thursday. Norman Tloubatla, CEO of the company Magnified Designs, bought the mansion in an auction and hurried out in his white Porsche without talking to the press.
“What you have here is something that is proper style, high tech and very modern,” said Bidders Choice spokesperson Pieter Geldenhuys.
Malema said he bought the property in 2009 for R3.6m but now he owed R16m to the SA Revenue Service (Sars). He renovated the house by almost rebuilding it according to his taste.
Auctioneer Geldenhuys said the auction went exceptionally well since he had predicted that the property will sell for between R4m and R4.5m. He accepted that the house requires a hefty budget to be fully completed; however, once completed, it will be the best place to live in the entire neighborhood. He also agreed that Malema’s name played a significant role in the interest shown.
“Without a doubt! I must say this specific property drew a lot of interest, even internationally,” he said.
The auctioning was spread over an hour. Ironically, Geldenhuys started the bidding at R5m and there were no buyers at the beginning.
“It doesn’t matter where we start, it’s where we end,” he laughed.
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