Motsepes fork out R69m for Cape Town home

South African billionaire businessman Patrice Motsepe has paid what is believed to be a record price of R69 million for a house in Cape Town’s exclusive Bishopscourt. According to the Sunday Times, the house first went on the market in 2011 for R98m. Last year the owner reduced the price by R20m but records at the deeds office indicate the Motsepes paid R69m for the house in September. The transfer went through last month. The house boasts six en-suite bedrooms with dressing rooms, a floodlit tennis court, pavilion and pool; 12 000 sq metres of ground; a 24-seat dining room; a cigar lounge with a climate-controlled wine cellar; a gym, music room, cinema, billiard room and a 10-bay garage with a separate car wash bay. According to a recent survey, Motsepe, who is ranked 842 on the Forbes Rich List is worth more than R18.4bn. Luxury living This Bishopscourt house is just one on a growing list of super-luxury homes in South Africa. Recently, Fin24 reported on insurance mogal Douw Steyn’s luxury home that is estimated to be worth £600m (about R10.5bn). The Johannesburg house of the founder of Auto & General is a vast palace 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 of Beeld newspaper, part of Netwerk24. The property covers more than 3 000 sq metres 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 recently 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 4 000 sq metres. Location, location, location With the slopes of Table Mountain as a backdrop, the magnificent Kirstenbosch Gardens neighbour, the Constantia Wine Valley just down the road and the False Bay coastline as part of the view, it does not get any better than Bishopscourt. The M3 highway gives quick access into Cape Town’s city centre, and to just about anywhere, including the airport. There is also wealth of private schools, including Bishops, as well as the University of Cape Town practically on the doorstep. CAPE TOWN Fin24