Malema's home sold for R5.9m

2013-05-09 11:34

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Johannesburg - Expelled ANC Youth League president Julius Malema's half-built Sandown mansion was sold for R5.9m in an auction on Thursday.

The buyer was Norman Tloubatla, CEO of the company Magnified Designs.

He left in a hurry, driving a white Porsche, after clinching the purchase. Thoubatla refused to speak to reporters.

Auction house Bidders Choice was reportedly hoping to raise between R2.5m and R3m for the three-storey property.

The home was attached by the court to help cover Malema's tax bill. He owes the SA Revenue Service (Sars) R16m.

Malema bought the property in 2009 for R3.6m.

He had the existing structure torn down and began building his own mansion.

The plans provide for a private cinema room, a cigar lounge, a pool and a spa bath, a wine cellar, a coffee bar and provision for a lift.

There is also a "song room". However, it had no fittings, flooring, plumbing or windows yet.

Farm attached

On 19 March, Malema had his Limpopo farm, worth approximately R4m, seized by the Asset Forfeiture Unit.

National Prosecuting Authority spokesperson Medupe Simasiku said at the time that the property was allegedly acquired with the proceeds from fraud, corruption, theft, and money laundering.

The alleged crimes were perpetrated against the Limpopo department of roads and transport, Simasiku said. Alternatively, the property had been used to launder money.

In January, sheriffs seized Malema's Sandton and Polokwane homes.

Sars then rejected a R4m settlement offer on the homes in February.

Malema also faces charges of fraud and racketeering related to the irregular awarding of a R52m tender to On-Point Engineering in Limpopo.

Read more on:    sars  |  ancyl  |  julius malema  |  johannesburg

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