Tycoon’s mansion up for auction

2013-10-06 14:25
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Malema property sold

Another property belonging to Julius Malema was auctioned. Bidders arrived at the Flora Park property in Polokwane, where the house sold for R1.4m. See all the pictures.

Johannesburg - One of the country’s richest businessmen Mzi Khumalo is set to lose his palatial Zimbali mansion after he failed to settle over R17 million, including interest, owed to RMB Private Bank.

According to the Sunday Independent, Khumalo will lose his five-bedroom house and an adjacent property, an unfinished hotel, when they go under the hammer on Tuesday.

Khumalo tried to build the hotel with former business partners Laurusco Developments but sold his shares in the company in 2008. However, the former uMkhonto we Sizwe operative had secured loans for both properties through his family trust, the Mzi Khumalo Family Trust - now known as the Mawela Family Trust. The loans were taken out between 1998 and 2004.

RMB Private Bank apparently wrote to the trustees in March 2011, informing them that they were in arrears of nearly R2.9m and gave them seven days to pay. The trustees did not react to the letter of notice and failed to settle.

Khumalo owns Metallon Gold, which is the biggest gold producer in Zimbabwe and is valued at about US$323m (more than R3.2bn).
Read more on:    durban

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