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Mail & Guardian Online, South Africa
May 26 2005
Historic Johannesburg property sells for record R12,3m
26 May 2005 03:49
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
May 26 2005
Historic Johannesburg property sells for record R12,3m
26 May 2005 03:49
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