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A Clifton property has smashed the residential auction price record by more than R30m.

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BUSINESS REPORTER


A WINNING bid of R90 million on a luxury Clifton villa  smashed South Africa’s residential auction price record by more than R30m last week.

Joff van Reenen, director and lead auctioneer for The High Street Auction Company, said that in the same sale the company auctioned off 31 lots of property from Clifton to Ballito, to the Magaliesberg with a total value of more than R500m.

Van Reenen said the previous residential record bid was on a house in Sandhurst, Joburg, which was for R54m. 

He said that after an accelerated marketing campaign in conjunction with Lew Geffen Sotheby’s International Realty, the bank-instructed Clifton sale of the Nettleton Ridge house provoked “live responses” from 29 countries, with more than 5 000 views of the house on their company website prior to the sale.

“The hammer fell at R90m, and the sale is now under confirmation for a five-day period. Confirmation periods are normal within the auction industry and not exclusive to this property, but five working days is the standard period for The High Street Auction Company and this effectively means the bank can exercise its right to accept or reject the offer within the period, and no other offers will be entertained during that time.”

Van Reenen said Thursday’s auction of the Clifton house to a certain extent corrected the market in the area.

He said the house was previously for sale for R150m and not even buyers with high value foreign currency to spend were prepared to consider that price.

Van Reenen said that a local Clifton resident made the highest bid.

“Its someone who lives in Clifton and wants to stay there, so the property should remain in South African hands.”

Lew Geffen, chairman of Lew Geffen Sotheby’s International Realty said : “We’ve seen this time and time again that when a trophy home finally comes onto the market as a bank-instructed sale it will always attract the right buyer at the right price because it corrects the market. Mark Thatcher’s house in Cape Town was sold under similar circumstances and an auction is an outstanding way to ensure a quick, effective and market-related result.”





 

 

 

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