adminPretoria — The man who bought the Sandton mansion that belonged to former ANC Youth League leader Julius Malema has forfeited his R1m deposit after failing to come up with the balance of R5.9m that he had promised at the auction four months ago.According to newspaper reports, Gauteng businessman Norman Tloubatla has been forced to cancel the bid for the half-built house.
Sars spokesperson Adrian Lackay on Saturday confirmed that the bid for the property was cancelled and that the house will go on sale again later this year.
Malema’s lawyer Tumi Mokwena said that he had not been informed of the problem. The R5.9m sale would have resulted in a massive reduction of the R16m tax bill that Malema owes Sars.
In May, Tloubatla outbid several fellow bidders at the auction and successfully put in a R5.9m bid for the property, which Malema purchased for R3.6m three years earlier. The property has an estimated value of R7.1m. — Sapa
Bongani Ndlovu
Online Reporter