A winning bid of R90 million on a super luxury Clifton villa on Thursday, smashed South Africa’s residential auction price record by more than R30 million.
The property was sold to Clare Wiese, daughter of billionaire, Christo Wiese.
This according to Joff van Reenen, director and Lead Auctioneer for The High Street Auction Company that in the same sale auctioned off 31 lots of property from Clifton to Ballito to the Magaliesberg, with a total value of more than R500 million.
Van Reenen said the previous residential record bid was on a house in Sandhurst, Johannesburg, which was for R54 million.
Nettleton Road is priced as South Africa’s richest street, attracting an average sale price of R45 million.
Van Reenen said that after an accelerated marketing campaign in conjunction with Lew Geffen Sotheby’s International Realty, the bank-instructed Clifton sale of the Nettleton Ridge house provoked “live responses” from 29 countries, with more than 5,000 views of the house on their company website prior to the sale.
He said Thursday’s auction of the Clifton house to a certain extent corrected the market in the area. “The house was previously for sale for R150 million and not even buyers with high value foreign currency to spend were prepared to consider that price.
“If you market your property at the correct asking price for the area and the current market conditions you will find a buyer, as this auction has just demonstrated,” he said.
Van Reenen noted that Wiese “is someone who lives in Clifton and wants to stay there, so the property should remain in South African hands.”