JOHANNESBURG, South Africa – South Africa-based tycoon Frank Buyanga has put one of his mansions in Hyde Park, an exclusive neighbourhood of Johannesburg, up for sale for a princely R18 million (US$1.23 million).
Buyanga did not live in the house which was being used by his girlfriend, and the decision to sell might be a signal that the Krugerrands trader has hit the hard times.
The 41-year-old is locked in a bruising fight with the South African Revenue Service (SARS) which raided the mansion in October last year and seized gold coins worth US$40 million.
The property, at 64 1st Road in Hyde Park, was listed for sale on the Property24 website on November 11, just days after the SARS raid. It doesn’t appear to have found a buyer yet.
Estate agents Knightsbridge Properties say the seven-bedroom house, situated on 4,000sqm of prime real estate, “epitomises the ultimate in luxurious living.”
The house boasts a patio which runs the length of the house, four automated garages, double staff quarters, a cottage, a swimming pool, a gazebo and six bathrooms – four of them en suite.
“This is a home that must be seen to be fully appreciated… a dream home for the discerning corporate or executive buyer,” the sellers say.
The property had been home to Buyanga’s girlfriend Melinda Busi Dube.
SARS’ forfeiture unit launched a raid on the house as part of an investigation into the business affairs of companies associated with Buyanga. The dispute is at the High Court.
Buyanga, a collector of luxury cars, is known to have a considerable property portfolio in South Africa and Zimbabwe – but his legal troubles in both countries could be finally putting his financial muscle to the test.
