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The coastal estate that once stood as one of the most talked-about addresses in South Africa has found new owners.
The property, located in the scenic Voëlklip area of Hermanus, sold for R105 million ($6.4 million) in what agents are calling a historic transaction and one of the largest residential property deals in the town's history.
The deal includes two adjacent plots spanning about 7,000 square metres, featuring extensive gardens and sweeping sea views in one of the Western Cape's most sought-after coastal areas.
The sale was handled by Seeff Property Group. The buyers have not been named.
The Estate and Its History
The property carries layers of history. The Rupert family, South Africa's wealthiest dynasty, owned it as a holiday retreat before it passed to Jooste, who developed it into a R100 million-plus ($6 million-plus) estate on a rare double plot.
The main residence includes four bedroom suites, each with an ensuite bathroom, spacious living and dining areas, and a basement equipped with a walk-in fridge and cold room. The estate is built in Cape vernacular style and sits with uninterrupted panoramic views of Walker Bay, one of the world's most celebrated whale-watching spots.
The Graff, Hersov, and Rupert families have all owned property in the Hermanus area. In that company, the estate was always considered exceptional.
What Happened to Jooste
The man behind one of South Africa's most brazen corporate frauds never saw the sale.
Jooste reportedly shot himself just more than 24 hours after the Financial Sector Conduct Authority announced it was fining him R475 million ($28.6 million) and that it planned to pursue a criminal case against him.
He was found below Hermanus's famous Cliff Path, near the sea, and was still alive when discovered by a member of Hermanus Public Protection, which patrols the paths. He was pronounced dead shortly after arriving at the Hermanus Mediclinic hospital.
Jooste had been fined for publishing false and misleading Steinhoff annual financial statements and annual reports covering the 2014 to 2016 financial years and the 2017 half-year. According to the FSCA, the actions by Jooste saw Steinhoff International's market cap decrease by 91% in December 2017, resulting in billions of rand in losses for investors.
The FSCA confirmed that Jooste's death did not extinguish the penalty, and that it retained the legal right to recover the R475 million ($28.6 million) from his estate.
Jooste was 63.
The New Chapter
Paul Kruger, licensee for Seeff Hermanus, said the sale carries significance beyond the transaction price.
"These properties form part of the historical fabric of Hermanus, and their sale marks the beginning of a new chapter for a truly iconic estate," Kruger said.
The buyers are currently exploring options for the estate's future, aiming to restore and enhance its value while contributing positively to the surrounding community.
Kruger said the investors view the acquisition as a long-term strategic holding. No timeline has been given for any announcement on the estate's future use.
Hermanus in Demand
The R105 million ($6.4 million) sale is the latest signal of just how far the Hermanus luxury market has traveled.
A recent New World Wealth Report indicated a 25% increase in high-net-worth individuals migrating to the town, surpassing growth in other Western Cape regions. Property sales over R5 million ($302,000) have more than doubled in recent years.
New World Wealth data shows over 1,100 dollar millionaires own property in the Whale Coast area, with Hermanus as the main centre. Tourism accounts for more than 50% of the local economy, drawing hundreds of thousands of visitors annually.
Kruger said the transaction reflects a broader pattern. "Hermanus remains one of South Africa's most desirable coastal destinations. Transactions of this nature reaffirm the long-term confidence investors have in the town and the continued strength of its luxury property market."
