The exclusive Summer Place in Hyde Park, Joburg, has sold for R129 million on auction today to a consortium.
Three bidders came head to head in an exciting live auction where bidding started at R120-million. The final bid went to the consortium of local property developers that play in the hospitality space.
It had originally thought the 4000m² land could fetch up to R200m.
Norman Raad, CEO Broll Auctions and Sales says they are however “pleased with the price achieved, it is spot on market related with the price per square metre for Hyde Park”.
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“It seems at this early point that the new owners will retain some of the buildings which Summer Place is renowned for and continue the conferencing aspect. Broll believes all parties have emerged as winners.”
Raad said the sale showed that “despite the turbulent economy, there was confidence in the property market”.
Summer Place has a long and interesting history starting in the 80s when controversial oil baron Marino Chiavelli built it and lived in the cottage on the property.
He told peers that one day he would move into the house. However, he never got to make the move, was forced to sell the property and died, from leukemia, allegedly a poor man in the then Joburg Gen Hospital, now the Charlotte Maxeke Johannesburg Academic Hospital.
Businessman Solly Krok turned the luxury private home into an events venue when it was originally bought by the Kroks in the 90s for R12-million - the most expensive property acquisition in the country at the time.
At this stage it has still not been revealed who the consortium is, although there were interest from locals and foreigners alike.
Summer Place, home to many weddings and parties of South Africa’s well heeled, is touted as having helped Hyde Park make its name as the home of exclusive properties.
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