The exclusive Hermanus estate where disgraced former Steinhoff CEO Markus Jooste spent his final days has officially hit the market, with the landmark property expected to achieve a record-breaking sale price of more than R 100 million.
Jooste (63) took his own life on 21 March last year, not far from the luxury Voëlklip residence, just hours before he was scheduled to surrender to the Hawks in Pretoria on fraud charges related to the spectacular collapse of the retail giant Steinhoff.
The property, described by Seeff Hermanus as a “once-in-a-generation opportunity,” carries a distinguished but now tainted history. The estate was previously the cherished holiday retreat of the respected Rupert family, who carefully selected the prime coastal location as their sanctuary where mountains meet the sea.
In 2005, the property was reportedly purchased for R11 million by a company of which Jooste was a director.
The sprawling 6 940 m² double property is one of the most exclusive holdings on the Cape Whale Coast. The magnificent manor house spans 2 082 m² and features include four luxury bedrooms with en-suite bathrooms, a private study and library, heated indoor swimming pool with spa facilities, basement level with extensive parking, heritage cottage and separate small apartment and uninterrupted panoramic views of Walker Bay.
Paul Kruger of Seeff Hermanus, describes it as a “legacy property” and notes that a double plot in the highly sought-after Voëlklip area is “virtually unheard of” in his two decades of experience in the region.
The property’s path to market faced legal hurdles when the Cape Town High Court initially refused sale approval due to Reserve Bank objections over foreign exchange violations. Jooste’s R2.2 million in personal assets were placed under curatorship in 2022, though authorities suspected he used other entities to hide additional assets.
Following Steinhoff’s 2017 collapse, which wiped out billions in shareholder value, the Reserve Bank recently reached a R6.3 billion settlement with the company. The agreement has cleared the way for asset sales, with R28 billion already paid to South African banks and R18.5 billion to local businesses and investors.
Police have completed their investigation into Jooste’s death and handed the dossier to the National Prosecuting Authority, which will determine the date for a judicial inquest.
Jooste was found with a gunshot wound to the head and was declared dead at a private hospital. He was supposed to report to Pretoria Central Police Station on 22 March last year after a warrant for his arrest was issued by a Gauteng magistrate on 20 March.
Despite its troubled recent history, the property is generating significant interest in Hermanus’s booming luxury market. Recent data shows property sales over R5 million have more than doubled, with exclusive areas like Voëlklip recording transactions exceeding R40 million.
Hermanus has experienced a 25% increase in high-net-worth individuals migrating to the town, driven by its proximity to Cape Town (90-120 minutes drive), stunning coastal location, and lifestyle appeal.
The estate sale will be managed with discretion and professionalism befitting a property of this caliber, as potential buyers weigh the investment opportunity against the property’s dramatic recent history.
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