The 31-year-old Moyo is also completing a R9.5.m mansion in Lonehill, an upmarket Johannesburg suburb, for his beloved 25-year-old Princess Nomkhosi.
He has also bought her a shopping complex in Randburg, in which she is the sole director.
Former president Nelson Mandela's praise singer and the couple's friend, Zolani Mkiva, said Moyo showered the top 100 members of the Zulu royal family with expensive gifts including blankets and traditional dresses believed to be worth over R130 000.
Moyo recently sent truckloads of cows to his future father-in-law to ask for Princess Nomkhosi's hand in marriage. The 114 cows came from the sought-after Nguni herd.
He also fed several hundred well wishers at the Khangelamankengane palace in northern KwaZulu-Natal.
The guests included King Zwelithini's sixth wife-to-be, 17-year-old Zolile Mafu from Swaziland, and scantily clad young Zulu girls.
The actual wedding ceremony, on a date yet to be announced, is expected to cost more than what the astute businessman has already coughed up .
Moyo, whose father is Zimbabwean and mother Xhosa , is believed to have amassed his wealth partly from winning government tenders.