CEO buys Malema’s unfinished house for R5.9m

2013-05-09 12:57

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Norman Tloubatla, the chief executive of Magnified Signs, is the new owner of former ANC Youth League leader Julius Malema’s unfinished palatial Sandown house, which has been sold on auction for R5.9 million.

The triple-storey house, which has a cinema room, a pajama lounge and an underground wine cellar and cigar lounge, attracted interest locally and abroad, according to auctioneer Pieter Geldenhuys.

The property, which was put on auction after the South African Revenue Service (Sars) found that Malema owed the taxman R16 million in unpaid income tax, is the most expensive house in the upmarket neighbourhood of Sandown in Sandton, northern Joburg.

The auction was teeming with reporters, neighbours and interested bidders who came to witness the event.

Tloubatla refused to speak to reporters and rushed out of the auction immediately after winning the bid. He got into his white Porsche Cayenne and drove off.

Some described walking around the house as “walking on Malema’s grave”.

The house is a four bedroom, four bathroom property with a swimming pool, scullery/laundry room, showroom garage, coffee bar, jacuzzi, walk-in dresser and an entertainment area.

10 bidders had paid a deposit of R100 000 to be part of the auction but within 10 minutes Tloubatla and another bidder were the only two buyers left on the floor as bids went over R5 million.

Geldenhuys had started bids at R5 million but went down to R2 million before there were any takers and the bids shot up.

An unsuccessful bidder, who only identified himself as Solly, said he would have bought the house for himself but would have spent a further R3 million to put finishing touches on the property. He was only willing to bid up to R3 million.

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