Tycoon’s mansion up for auction

2013-10-06 14:25
Gallery  |  click on thumbnail to view larger image

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

Join the conversation!

24.com encourages commentary submitted via MyNews24. Contributions of 200 words or more will be considered for publication.

We reserve editorial discretion to decide what will be published.
Read our comments policy for guidelines on contributions.

24.com publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
Comments have been closed for this article.

Inside News24

Traffic Alerts

Jobs in Cape Town [change area]

Jobs in Western Cape region

Senior PHP Developer

Cape Town
Mass Staffing Projects
R480 000 - R720 000 Per Year

Sales Representative

Cape Town
Pax Staffing Dynamix (Pty) Ltd
R8 000 - R25 000 Per Month

Mobile Developer

Cape Town
Goldman Tech Resourcing
R360 000 - R480 000 Per Year

Property [change area]

There are new stories on the homepage. Click here to see them.


Create Profile

Creating your profile will enable you to submit photos and stories to get published on News24.

Please provide a username for your profile page:

This username must be unique, cannot be edited and will be used in the URL to your profile page across the entire 24.com network.


Location Settings

News24 allows you to edit the display of certain components based on a location. If you wish to personalise the page based on your preferences, please select a location for each component and click "Submit" in order for the changes to take affect.

Facebook Sign-In

Hi News addict,

Join the News24 Community to be involved in breaking the news.

Log in with Facebook to comment and personalise news, weather and listings.