Take a look inside: The spectacular house once owned by African Bank's ex-CEO is back on the market - for R135 million
- A spectacular glass beach house outside Cape Town once owned by disgraced African Bank ex-CEO Leon Kirkinis is back on the market.
- It is now owned by a German developer, who wants R135 million for the property.
- Built on a 10,469 m² plot, it offers expansive views of False Bay.
- For more stories, go to Business Insider South Africa.
The spectacular beach house once owned by disgraced African Bank ex-CEO Leon Kirkinis is back on the market – this time for R135 million.
The 684m² house is right on the beach in Rooi Els in the Western Cape. Built on a 10,469 m² plot, it offers expansive views of False Bay, as well as four en-suite bedrooms, a pool, and a library.
Fin24 previously reported that Kirkinis sketched the concept for the house on a serviette in a Hermanus restaurant.
In 2013, the house won an award for its structural steel construction.
In 2014, after Kirkinis resigned from African Bank, he put the house on the market. The Myburgh Report into the near-collapse of the bank found that Kirkinis and the bank's directors acted recklessly.
Kirkinis wanted R70 million for the house. It remained unsold for two years, before it finally went on auction in 2016. Kirkinis received a bid of R30 million, which he declined.
But property records show that it was bought by a German developer for R20 million in 2017.
He made some changes to the house, detailed in Habitat magazine last year.
His South African architect said that although he "appreciated many aspects of the original home, there were some aspects that he was not comfortable with, these included a lack of privacy, safety and adequate ventilation. The original glass sliding doors did not seal correctly, allowing wind and sand to constantly blow through the interior. It also had overly sophisticated technology that was complex to use, prone to failure and required constant maintenance – particularly the computer controlled hydraulic lift shutters."
The changes included creating a wind-sheltered courtyard, and moving the front entrance door, along with adding glazed windows and new shutters and doors.
It has now been put it back on the market – for R135 million. The property is marketed by Engel & Völckers, and has been advertised on Property24. Only pre-qualified purchasers will be allowed to view it in person.
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