Rossmund Golf Estate sold at auction for N$41 million

The Rossmund Golf Course and Club near Swakopmund has been sold at a judicial auction for N$41 million after a failed last-minute court bid to halt the sale.

The sale in execution was conducted last Wednesday, 18 March, by Erongo region deputy sheriff Andre Visser to recover a N$19.9 million debt owed to the Development Bank of Namibia (DBN), following a High Court judgment granted in April 2022.

An urgent application by Rossmund Golf Course Close Corporation to stop the auction was dismissed Wednesday morning.

High Court judge Gabriel Komboni ruled that the applicants had not met the requirements for urgency and struck the matter from the roll.

The auction, held at Erf 40 Rossmund, drew around 70 attendees. The deputy sheriff called for opening bids, but when none were offered, he started at N$50 million and worked down to N$15 million – and that is when the contest began.

Long-held aspiration

Bidding rapidly escalated, with most activity above N$20 million between two main bidders, including businessman Bokkie Thorburn. The property was ultimately sold for N$41 million.

“I wanted to buy this place since 1993, but as a young man the money wasn’t there,” Thorburn told Erongo, Namibian Sun's sister publication, after securing the winning bid.

He said he has followed the property’s development potential over the years and believes it holds strong prospects.

“I’ve seen the plans and the drawings of this property and have evaluated over the years the potential it has," he noted.

Thorburn linked the investment outlook to broader coastal growth.

“With the uranium prices going up and more people coming to the coast,” he said, the property offers opportunity for future development. He gave assurances that the resident wildlife would also be preserved.

Remains golf club

The property comprises approximately 53.6 hectares and includes an established golf course and clubhouse facilities. The sale was conducted without a reserve price, in line with High Court rules governing sales in execution.

The auction forms part of DBN’s debt recovery process after the close corporation failed to settle the outstanding loan despite multiple demands.

The bank had previously allowed a period of about 24 months for repayment before proceeding with legal enforcement.

Further financial pressure on the entity was disclosed in court, where it was noted that Bank Windhoek has filed for the winding-up of the close corporation over a separate claim of N$101.5 million.

Ownership of the Rossmund estate will transfer subject to the conditions of sale and registration processes.

One of the terms and conditions for buying the property was that it must remain a golf course and club. This announcement was applauded by all present at the auction.