A heated pool, bespoke finishes | Inside Markus Jooste's Hermanus mega estate

A prominent estate in Hermanus’s Voëlklip area, previously owned by former Steinhoff CEO Markus Jooste, has been listed for sale.

IOL has confirmed Jooste’s connection to the property, which is expected to fetch upwards of R100 million.

It offers a distinguished location with uninterrupted, panoramic views of Walker Bay, globally renowned for its spectacular whale-watching. Paul Kruger, licensee for Seeff Hermanus, describes it as a "legacy property," and one of the most significant coastal residential holdings, a rare investment opportunity.

A source close to the sale says this home was where Jooste walked down the cliff path and took his own life.

The house was later attached by the South African Reserve Bank in execution of a debt judgment, although the bank did not go through with an attempted sale earlier this year as the price was not high enough.

The estate occupies nearly 7,000 m² of prime coastal land, an unusually large double plot with uninterrupted views of Walker Bay. The boundary wall stretches at least 500 meters, highlighting the property’s significant scale and privacy.

The main residence measures 2,082 square meters and includes seven bedrooms, three lounges, and 10 garages among other rooms. Additional structures include a 259m² “Heritage Cottage” and a separate flatlet.

The house is built in Cape vernacular style, with high ceilings and large reception areas.

“Due to the high profile of the property, the sale will be managed with the discretion and professionalism that a property of this caliber demands,” Seeff said.

Due to the high profile of the property, the sale will be managed with the discretion and professionalism that a property of this calibre demands.

Jooste, at the center of South Africa’s largest corporate scandal, reportedly died by suicide in 2024 at this home. The Financial Services Conduct Authority is pursuing a R475 million penalty against his estate, which could include proceeds from the sale.

According to a PwC investigation, Jooste earned millions annually, with bonuses up to R20 million in some years and up to R25 million for individual deals. Many of these deals were later found to be fictitious, contributing to Steinhoff’s financial collapse.

The most expensive home ever sold in South Africa went for R290 million in 2016, which IOL estimates is worth around R722 million today after inflation adjustments.

Hermanus has seen a surge in luxury property demand, with sales over R5 million doubling recently. Exclusive areas like Voëlklip have recorded sales over R40 million, but this property is expected to exceed those figures.

This home’s proximity to Cape Town, about two hours’ drive, and the growing migration of high-net-worth individuals to the area makes Hermanus an increasingly important luxury market.

It was once the holiday retreat of the Rupert family, which created a sanctuary out of the property.

If the sale reaches expectations, it will mark a record-setting transaction for the Whale Coast and add another layer to the complex legacy surrounding Jooste.

IOL