An historic property in Westcliff, Johannesburg, has been auctioned for a record price of R12,3-million, double initial estimates.
The sale, to an overseas investor, followed the resolution of an international legal battle surrounding the property, which cleared the way for the mansion and its surrounding properties to be sold.
The prime property was in the estate of Julien Missak, a late businessman of Armenian and Flemish descent.
”The sale attracted enormous of interest, not surprisingly, given the position and the potential of this superb property,” says Roy Lazarus, of Park Village Auctions, which has the auction mandate.
The auction involved the Madeiran-styled main property and its 5 896 square metre stand, as well as two other stands of 2 524 square metres and 2 576 square metres respectively.
The buyer has to retain the original mansion in terms of the National Heritage Resources Act. The surrounding stands lend themselves ideally to residential development.
”Position is said to be the watchword of property and in that respect, this rare property is on the opposite side of the valley to the famed Westcliff hotel with sweeping views of Emmarentia and the northern suburbs beyond,” added Lazarus. — Sapa