The Hermanus house of disgraced former Steinhoff CEO Markus Jooste is attracting notable attention from buyers despite the over R100 million price tag.
Steinhoff collapsed in 2017 after the company was embroiled in an accounting scandal, with deep-seated fraud at the company.
After receiving a fine of R475 million from the Financial Services Conduct Authority, Jooste committed suicide in 2024, a day before he was supposed to hand himself in to law enforcement.
Several of Jooste’s assets are currently for sale, including his coastal estate in Hermanus, which is on the market for R105 million.
While the property has drawn notable attention from buyers and investors, Paul Kruger, licensee for Seeff Hermanus, said the property is still looking for the right buyer.
Calls and enquiries are coming in for the property, which Seeff expects to sell for over R100 million, as Krugerr said that the estate offers unmatched legacy investment.
Kruger said there is no other property currently on the market that offers the combination of oceanfront location and sheer size in Voëlklip.
The Rupert family initially owned the property as a holiday home retreat, before being purchased and developed into a R100 million-plus estate spanning over 7,000 sqm on a double plot of land.
The property offers uninterrupted, panoramic views of Walker Bay, and a world-class, front row-seat of whale-watching.
Kruger said that a property of this size and location is virtually unheard of, with the estate offering a 2,082sqm Cape vernacular manor.
The house has seven bedrooms, nine bathrooms, and expansive reception rooms with bespoke and high-end finishes.
There is also an indoor swimming pool, private wine cellar, heritage cottage, flat, ten garages, and meticulously maintained gardens.
Kruger said that the property also represents a strong investment opportunity due to its location in one of South Africa’s fastest-growing wealth hubs.
A millionaire hotspot
Hermanus has become one of the wealthiest coastal towns and the hottest holiday destination and retirement markets in one country.
New World Wealth said that there are over 1,100 dollar millionaires who own property in the Whale Coast area, with Hermanus as the main centre.
Tourism makes up over 50% of the economy in the region, with hundreds of thousands of visitors annually.
The Graff, Hersov, and Rupert families have owned property there. Kruger said the area is a solid store of wealth and property for investors.
The proximity to Cape Town and its location have made it one of the wealthiest coastal towns, predominantly a holiday and retirement town.
The market expanded notably over the last few years, with more high-net-worth buyers investing in the area.
Kruger said higher value transactions over R5 million have more than doubled, and around 30 properties have sold for over R20 million. Rare opportunities can reach R100 million.
Property values have increased by over twofold over the last decade, with total transactions over the last year ending September just shy of R3 billion.
The average transaction price of R3.3 million is 2.5 times higher compared to a decade ago.
While area is also attracting more young families due to the quality of life, most buyers tend to be between 35 and 65.