ZIM TY­COON’S R25 MLN SA HOME ON AUC­TION

The Witness - - NEWS -

THE­ lux­ury­ multi-mil­lion­ rand­ Jo­han­nes­burg­ man­sionof­ top­ Zim­bab­wean­ busi­ness­man­ James­ Makamba­ isto­ go­ un­der­ the­ ham­mer­ at­ the­ end­ of­ the­ mon­th­fol­low­ing­ an­ or­der­ of­ the­ court.

Makamba,­ who­ is­ re­port­edly­ a­ well-known­ ally­ of­former­ Zim­bab­wean­ pres­i­dent­ Robert­ Mu­gabe,­ is­ be­lievedto­ owe­ Absa’s­ wealth­ unit­ a­ whop­ping­ R59­ mil­lionin­ debt­ as­ a­ re­sult­ of­ mort­gage,­ credit­ card­ and­ve­hi­cle­ fi­nanc­ing­ ac­counts.

The­ prop­erty­ is­ set­ to­ be­ auc­tioned­ on­ Novem­ber29,­ with­ open­ing­ bids­ start­ing­ at­ R25­ mil­lion.

Makamba,­ who­ has­ in­ter­ests­ in­ telecom­mu­ni­ca­tions,re­tail­ and­ agri­cul­ture,­ among­ other­ things,­ de­clinedto­ com­ment,­ say­ing­ only­ that­ the­ mat­ter­ was­not­ news­wor­thy.

In­ a­ state­ment­ from­ High­ Street­ Auc­tions­ leadauc­tion­eer­ and­ direc­tor­ Joff­ van­ Ree­nen­ yes­ter­day,­ it­said­ the­ up­mar­ket­ Coro­na­tion­ Road’s­ Villa­ Royale­ was­be­ing­ sold­ as­ an­ or­der­ of­ the­ court­ on­ No­vem­ber­ 29.

The­ state­ment­ goes­ on­ to­ say­ that­ the­ manor,which­ is­ about­ 1­ 650m²,­ boasts­ five­ lux­ury­ suites,­ im­mac­u­late­land­scaped­ grounds­ and­ sev­eral­ loungear­eas­.

“The­ pub­lic­ rooms­ in­clude­ a­ wine­ cel­lar,­ state-ofthe-art­gym,­ 13-seater­ cin­ema­ with­ re­clin­ing­ leather­arm­chairs,­ a­ cigar­ lounge,­ a­ spa­ and­ a­ games­ room,”the­ state­ment­ reads.

Sand­hurst­ is­ well­ known­ for­ be­ing­ one­ of­ the­coun­try’s­ top­ lo­ca­tions­ for­ “tro­phy­ homes”.

The­ state­ment­ notes­ that­ the­ AfrAsia­ Bank­ andNew­ World­ Wealth­ re­port­ says­ that­ of­ the­ 2­ 200­ dol­lar­multi-mil­lion­aires­ in­ SA,­ Sand­hurst­ is­ home­ to­ 120.­

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