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Key Points
- Markus Jooste’s former Hermanus estate is listed for $5.8 million, featuring ocean views, a heritage cottage, and luxury finishes across 6,900 square meters.
- The late Steinhoff CEO’s estate faces a $25 million penalty claim tied to South Africa’s largest corporate fraud investigation.
- Steinhoff’s market value plunged from $25 billion to $4.5 million following accounting fraud charges and Jooste’s 2024 death amid ongoing probes.
A luxurious coastal home once owned by the late South African businessman Markus Jooste is reportedly up for sale at R105 million ($5.8 million). The property is located in Voëlklip, an upscale suburb of Hermanus along Cape Town’s scenic Whale Coast.
According to property documents confirmed by estate agency Seeff Property Group, the home was owned by Jooste during his lifetime and also served, at one point, as a cherished holiday retreat for members of the Rupert family, one of South Africa’s wealthiest dynasties.
The $5.8 million Hermanus estate for sale
Seeff, which offers trusted real estate services across South Africa, describes the residence as a rare offering within “one of Hermanus’s most iconic and private coastal estates,” noting that it features sweeping views across Walker Bay and a striking mountain backdrop.
The main house covers 2,082 square meters and includes seven bedrooms, three lounges, and ten garages. The total land size spans over 6,900 square meters and includes a 259-square-meter heritage cottage and a separate flatlet.
The agency calls the property “a masterclass in timeless architecture,” highlighting its high ceilings, grand proportions, and refined finishes. “Every room—from formal reception areas to quiet corners—is designed for both elegance and ease,” reads the listing.
Jooste’s estate faces $25 million claim
Jooste, once a towering figure in South Africa’s corporate world, died by suicide on March 21, 2024, at his Hermanus home. He was 63. His death came amid ongoing legal battles linked to the collapse of Steinhoff International, the global retail company he led as CEO.
Just a day after Jooste’s death, the Financial Sector Conduct Authority (FSCA) confirmed that its investigation into the Steinhoff scandal would continue. The regulator said it still aimed to recover a $25 million penalty from Jooste’s estate and emphasized that his death would not halt efforts to hold those involved accountable.
A rise followed by collapse
Jooste rose to prominence for his role in building Steinhoff into a global retail powerhouse. But that success unraveled when allegations of accounting fraud surfaced, setting off a chain of events that devastated investors and employees.
German prosecutors charged Jooste and three others in 2021 over fraudulent activities that stretched back over a decade. By the time Steinhoff was delisted from the Johannesburg Stock Exchange in October 2023, its market value had collapsed from $25 billion to just $4.5 million.
