Why is such a property being sold on relatively short notice (I first heard of it 2 weeks ago) via auction?
21 July 2011
Property Developer Auctioning Own Penthouse
Barry Levin, well known property developer, is auctioning off his massive (1400m2) penthouse on top of Two Oceans in Mouille Point tomorrow (Friday 22nd July). The reserve price is rumoured to be north of R40 million.
Why is such a property being sold on relatively short notice (I first heard of it 2 weeks ago) via auction?
Why is such a property being sold on relatively short notice (I first heard of it 2 weeks ago) via auction?
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11 comments:
Could be Bazza needs quick cash, either to make a deal or save one. I knew a property developer in SA worth about R300-million, and it absolutely terrified me how he took huge risks with vast amounts of money - plunging R100-m into an investment that could go either way, getting into bidding wars that could go sky-high, and so on. No doubt Barry lives on the edge. Huge rewards, huge losses.
I know a oke who makes R 100 k per month selling leg cream into upmarket boutiques (to your wives?)
Anyway, he also takes risks, hence this post
R100k per month - about £9000/month. Not worth getting out of bed . Your piss-poor friend is obviously not going to be at the auction then!
R40 million is a bargain compared to the unsold apartments at the One & Only. Wonder if it will sell?
Honestly it's a bit too big for an apartment in Cape Town, poor old Patience from Gugulethu will need a terlit brush permanently attached to her wrist to keep all those toilets sparkling...
This is not NYC where Rosario Candela apartments of 10,000sq feet are the norm. I can't see a buyer for this unless it's sold at a bargain knock down price.
How much are the levies?
My friend (who sells leg cream to upmarket boutiques and makes R100k per month) says he will be bidding R 15 million for the dump and he's doing the seller a favour cozz he's paying too much
Who cares
Did Julius Malema's "trust" buy it?
Or perhaps Tokyo Sex Whale?
This leg cream guy is creepy!
It sold for 50 bar.
I was at the auction and the property got sold for R42 million plus 11.4 % which adds up to R46, 788 million (yes, Rael Levitt boned the seller for R4.7 mil...shocking commission).
The seller wanted R60 million, a far drop from the R80 million he wanted when it was for sale.
Council rates are R15 000 per month and levies are close to R20 000 per month...cleaning bill even higher!!
And the sale was confirmed!! Just goes to show that the every price level of the market is in the dwang despite the este agents saying that the rich are well off relatively!!
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