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Clifton super-luxury house auction ‘corrects’ market

clifton-home-sells-for-r90m-on-auctionThe residential auction crown has moved to the Cape after a winning bid of R90m on a super luxury Clifton villa yesterday unseated the previous record-holding R54m Sandhurst house – also sold via auction.

Joff van Reenen, director and lead auctioneer for The High Street Auction Company, said 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.

“This is just counting the serious viewers: People who spent several minutes on the web page or downloaded the full prospectus,” he said. “General views were in the hundreds of thousands.

“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.

“Bank representatives attended the main auction in Johannesburg and are satisfied that it was conducted with all the legal compliance requirements met. The auction is non-suspensive, which means that the buyer will either pay cash or have a pre-approved bond.”

According to van Reenen the Clifton house auction corrected the market in the area, to a certain extent: “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,” he said. “If you market your property at the correct asking price for the area and the current market conditions you will find a buyer, as this auction has just demonstrated.”

The winning bid was made by a Clifton resident.


Photo: This super luxury villa in Clifton’s Nettleton Ridge received a record-setting winning bid of R90m from a local buyer who has been a long-time resident of Clifton. 

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