ZIM TYCOON’S R25 MLN SA HOME ON AUCTION
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.