It was recently announced that South Africa’s priciest home is in Camps Bay, Cape Town. The area is known for its stunning and super expensive homes. The recent listing of the $34 million (R448 million) home far exceeds the average R11.5 million price of the other homes in the area.
Despite the hefty price tag, the shockingly expensive home is being listed as a “fixer-upper”. This means that whomever purchases the home will most likely modify it. The price, architecture and name of the house all suggest that the seller is targeting international billionaires rather than local billionaires.
What makes the mansion so special?
The mansion has a garage that can accommodate up to 14 cars. So if you’re a lotto winner and own a car for each day of the week, you’ll be able to accommodate all of your luxury cars in addition to your guests’ cars. The garage even has glamourous chandeliers dangling above.
The 13 bathrooms and massive reception rooms – capable of housing up to 1,000 guests – are ideal for hosting epic soirees and other lavish events. Let’s not forget the pristine pool area overlooking the ocean. It’s probably home to some of the most satisfying sunsets imaginable. Other features from this 3,133sqm property are its eight bedrooms and 18-seat movie theatre.
We’re not entirely sure what renovations the “fixer-upper” mansion needs, but with this much opulence in the structure alone, it’s surely going to cost a pretty penny to upgrade.
Why is it so expensive?
In an interview with Remax property agent Steven Delit on Cape Talk, it emerged that the cost of the house is more than the cost of the combined total of all of the houses sold in Camps Bay this year. The most expensive house sold in Camps Bay was R35 million.
According to Delit, one of the main reasons for the price is the “public relations value” attached to it. He recommends that the City of Cape Town value the property to ascertain is truest value. When properties this high are listed by a particular company, it generates a lot of interest for that company. It also pushes up the perceived value of the properties in that area. If the seller of this mansion is also selling other properties in the area, then those property sales would inflate accordingly.
Who is going to buy it?
With many South Africans likely to remain outside of the income bracket required to purchase this mansion, it’s clear that the seller is targeting an elite group of international tycoons. Our first guess… a Saudi Prince.
The architecture of the neo-classical mansion is particularly reminiscent of ancient Greco-Roman culture. The clearly Eurocentric feel of the building is more likely to appeal to international counterparts outside of Africa than South Africa’s elites.
The house is called Casablanca, which means white house in Spanish. Casablanca is also a popular Moroccan destination for French, Spanish and Portuguese tourists as well as other international travellers. The underlying messages are clearly targeting international audiences. Even the road that it’s situated in, Geneva Drive, reminds audiences of it’s the Swiss city of Geneva. Geneva City is home to many international organisations.