President Ramaphosa Son's Sandton House Set to Be Auctioned Over Unpaid Debt


"Son of President Cyril Ramaphosa's Multi-Million Rand House to be Auctioned Off"

Standard Bank has been granted an order by the Joburg High Court to sell a luxurious property owned by Andile Ramaphosa, the son of President Cyril Ramaphosa. The house, located in the affluent suburb of Edenburg, Sandton, will go under the hammer after Ramaphosa failed to repay a loan debt of over R1.8 million and a credit card debt of R10,000 obtained from the bank.

The court order, which was unopposed by Ramaphosa, was granted on October 17. Advocate Sbusiso Radebe, the legal representative for Standard Bank, confirmed the distressing news. He stated that both the loan and credit card matters were heard in separate courtrooms, and orders were granted. Further comments were referred to the bank's attorney, Muzi Zwane of MSZ Attorneys, who could not be reached for comment at the time.

Article continues below these jobs...

According to court documents, Standard Bank pursued a monetary judgment against Ramaphosa for a medium-term loan and a credit card that he failed to repay. The bank had granted him a loan of R1.8 million, with monthly installments of R17,500 over 120 months. Ramaphosa had additionally obtained a loan of R450,000, using his house as collateral.

Furthermore, Ramaphosa had acquired a credit card in August 2012, with a balance of R10,000, which he utilized but didn't repay. He fell into arrears of over R217,000 for the loans and over R4,700 for the credit card.

The bank's lawyers sent letters of demand on multiple occasions, requesting settlement of the outstanding amounts. Ramaphosa acknowledged receipt of the demands and proposed a monthly payment of R40,000 to settle the arrears. However, the bank's lawyers deemed this insufficient and sent another letter of demand, demanding full settlement.

As Ramaphosa failed to make the required payments, Standard Bank sought a court order to cancel the loan agreement and requested a judgment against him, along with permission to sell his house. The property, valued at over R1.9 million, has a forced sale value of over R1.3 million. It also has outstanding municipal rates and taxes amounting to over R56,000 owed to the City of Johannesburg.

The court papers further state that the bank seeks an order to execute Section 11 of the property, which is described in the Sarbaz scheme, located in Edenburg township, Gauteng Province.

Ramaphosa did not respond to written questions sent to him regarding the matter.

Latest Gossip News via Email

Enter your email address to subscribe to our website and receive notifications of Latest Gossip News via email.