Cape Town - The private residence of insurance mogul Douw Steyn, founder of Auto & General and close friend of the late President Nelson Mandela, in Johannesburg made headlines even in the UK.
The Mail Online reported on Wednesday about Steyn being worth £600m (about R10.5bn) and "his vast palace in his native South Africa... modestly named Palazzo Steyn.
The "palazzo" even boasts an underground garage with room for more than 30 cars - Steyn has a collection of sport and vintage models - and two fire pools.
At a building cost of about R250m, Steyn's palazzo, which was completed last year, is the most expensive house in SA, reported Elma Kloppers in Beeld.
The property covers more than 3 000 m² and the size of the gardens are 3 ha.
Kloppers reported that the home has three industrial kitchens, a wine cellar and seven bedroom suites.
Steyn emigrated to the UK in 1992, but according to Kloppers he still spends time in SA.
Palazzo Steyn is the first residential property completed as part of Steyn City.
Fin24 reported earlier this week that Pam Golding Properties announced that it has entered into a partnership with Steyn City Properties to market residential properties within the vast Steyn City mixed-use development. The first homes will go on sale in March 2015.
Steyn City is approximately six times the size of the Sandton city centre and once completed, Steyn City will be a completely mixed-use lifestyle resort consisting of an office development, retail development, schools and crèches, hospital and healthcare facilities and a range of recreational facilities, as well as an 18-hole Nicklaus-design golf course.
The 2 000 acres of acquired land will house a total of 10 000 residential properties, including apartments, townhouses, cluster homes and freehold homes, some of which will be situated on properties as large as 4 000m².
According to Dr Andrew Golding, CEO of Pam Golding Properties, a total of approximately R6bn will have been invested in the development by the time phase one of the development is completed.
A whole range of photos of the palazzo can be seen on the website of dbm architects.
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