Markus Jooste’s mansion in Hermanus sells for R105m

The South African Reserve Bank (Sarb) will be the main beneficiary of the sale a huge property owned by the late Markus Jooste, former CEO of Steinhoff.

This after the bank obtained a high court order in October 2022 to attach Jooste’s assets. The seizure of assets was based on suspected contraventions of Exchange Control Regulations. The Financial Sector Conduct Authority (FSCA) might also request some of the proceeds of the sale of the property as it pursues payment of a penalty of R475 million that was served against Jooste before his death in 2024.

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The FSCA penalty for financial misconduct – including warning friends to sell Steinhoff shares a few days before Steinhoff’s market collapse and distribution of false financial information – was issued a few days before Jooste’s suicide near the huge house in Hermanus.

The property is one of the largest residential properties, and the most expensive, in the coastal town of Hermanus. That is saying a lot as the town is home to many valuable houses.

The attraction is that Hermanus is less than 150km from noisy, gridlocked Cape Town – with beautiful ocean views from shady verandas facing the southern Atlantic Ocean.

Estate agents will be quick to point out whales frolicking in the “warm” water before giving birth and migrating back to the colder waters of the Antarctic.

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Estate agent Seeff Property Group described the house as a “landmark property” in the “prestigious Voëlklip area” and noted that it is situated in one of Hermanus’s most exclusive enclaves.

“It boasts panoramic views of Walker Bay, famed globally for its whale-watching,” it said when it first got the mandate to sell the property.

Seeff listed the property for R105 million some six months ago, in August 2025. When the Sarb attached the property in 2022, it noted that it was worth around R80 million.

Since then, property prices along the southern Cape coast have increased sharply, fuelled by migration from Gauteng after the Covid-19 pandemic introduced remote working.

‘Rare’ double stand

Still, R105 million is exceptional. Seeff Hermanus principal Paul Kruger noted that Jooste’s property comprised a “rare” double stand of more than 7 000m² in the very popular Voëlklip.

Seeff says the estate comprises a main house with multiple additional residences.

It has seven bedrooms and nine bathrooms, multiple receptions rooms, a private wine cellar, library, indoor swimming pool (heated, obviously) 10 garages, and two cottages.

The vague description and aerial photos showing passages linking different structures make it difficult to say with certainty how many residences were built on the property. Usually, residential properties in Hermanus are restricted to a main dwelling and a second flat or cottage.

Many properties in Voëlklip have more onerous restrictions that allow only one dwelling on a stand.

To prevent cheap sightseeing during the marketing of the property, visits were limited to approved buyers or by invitation only.

Comparison

It is interesting that the new owners were willing to pay the listing price of R105 million rather than negotiate, even for the outstanding property.

The next property that Seeff has available in Hermanus is a six-bedroom house for R55 million in an adjacent suburb. After that, there is a property for R22 million.

Seeff has a smaller property on offer in Voëlklip a few blocks away from the Jooste property – a five-bedroom house for R18.5 million, on a stand of only 724m² compared to the 7 000m² of the Jooste property.

It says this property is just 40 metres from the “renowned” Voëlklip surfing beach and offers a rare opportunity to embrace Hermanus living.

“Known worldwide for its pristine coastline, vibrant marine life, and relaxed yet sophisticated atmosphere, Hermanus has long been celebrated as one of South Africa’s most desirable seaside towns,” it says.

Another upmarket house is being offered by Pam Golding. It looks like a guest house with 10 bedrooms and 10 bathrooms in two dwellings, each with its own swimming pool.

Development

It looks like the huge Jooste property might be redeveloped into a boutique hotel or an upmarket guest house.

Seeff said in a statement following the sale that the new owners are a group of investors that are currently considering options.

“The buyers are currently investigating several options to optimise the properties in a manner which restores and enhances their value while contributing positively to the broader community,” Kruger said in a statement after the sale was confirmed.

“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.

“The investors recognise both the significance of the properties and the exceptional setting of Voëlklip, and firmly view the properties as a long-term strategic investment,” he says.

“Several possibilities are currently being considered to ensure that the estate’s future positioning is approached in a responsible and considered manner.”

Kruger adds that Hermanus attracts interest from local and international investors and property prices are increasing. He says transactions over R5 million have more than doubled in just a few years.

It is telling that Seeff Hermanus has 21 residential properties for sale for more than R10 million each and another six just below R10 million. There is little choice below R4 million in its listing of 139 properties, with cheaper homes built on very small stands.

The Sarb says it has noted the sale of the property and will issue a statement over the next few days.

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