Molefe’s R8.5m home sold for a steal
Former Eskom and Transnet CEO Brian Molefe’s bushveld property in an exclusive lifestyle resort in Limpopo was sold at auction for less than half the price he bought it for a decade ago.
Fin24 reports that Molefe bought the 4 746m2 property in the Legend Golf & Safari Resort in the Waterberg south of Polokwane for R8.5m in 2012.
It was auctioned off to a private buyer as a sale in execution in April this year for just over R3m.
Molefe was granted a R4m bond to purchase the property by Standard Bank in 2012.
At the time, he was the CEO of Transnet.
While the bank did not want to comment on the property, it appears that Molefe did not service the bond.
In November 2021, Standard Bank won a court order against Molefe, which was followed by a warrant of execution to sell the property.
While the auction price was around R5.5m less than what Molefe paid for it a decade ago, the property comes with about R625 000 in outstanding bills.
Article disclaimer: While we have made every effort to ensure the accuracy of this article, it is not intended to provide final legal advice as facts and situations will differ from case to case, and therefore specific legal advice should be sought with a lawyer.
