Markus Jooste just sold this exclusive plot for R13 million - turning a R2.5 million profit in less than 2 years
- Former Steinhoff CEO Markus Jooste's exclusive three-hectare undeveloped plot in Val de Vie, Paarl, was sold for R13 million this week.
- Jooste bought the property in 2016 for R10.5 million.
Former Steinhoff CEO Markus Jooste’s exclusive three-hectare undeveloped plot in Val de Vie, Paarl, has been sold for R13 million - excluding transfer fees of R1.7 million - the estate confirmed.
The property was sold through Cape Wineland Properties, the estate’s own property agency, Val de Vie marketing director and shareholder Ryk Neethling told Business Insider South Africa.
It is located in Val de Vie’s elite Gentlemen's Estate, which has 17 small holding properties. The development has been sold out.
“This property is right next to our new private bridge over the Berg River which will reduce travel time to Stellenbosch significantly,” Neethling said.
Jooste bought the property in 2016 for R10.5 million It was the only property in Val de Vie that he owned.
Homes on the Gentlemen's Estate have a typical construction cost of between R20 to R80 million, Neethling added.
“You’ve dreamed of it, you’ve earned it, now live it: a life characterised by freedom, lived close to nature on farmland you call your own,” the estate's brochure reads.
Jooste’s personal investment company Mayfair Holdings has recently been forced to self off R2.08 billion in assets ranging from real estate to racehorses to repay almost R1.6 billion in loans to the banks and other creditors.
Most recently Mayfair Holdings sold 23 racehorses in Jooste’s stable.