E4M MADONSA MANSION AUCTIONED FOR E3M

MBABANE – A property development punter, in the trucking industry, grabbed the business opportunity to purchase an executive house at a bargain price with both hands.

The Matsapha based businessman, who preferred to remain anonymous, outsmarted nearly 20 bidders who crammed the old Manzini Regional Administrators (RA) Offices to bid for a house valued at over E4 million for almost half the price.

The ‘state of the art’ modern house with fully furnished fittings and paved yard went under the hammer for E3 million from a reserve price of E2.6 million. This was despite that it had been valued between E4 to E5 million by independent valuers who spoke to the Business Desk on condition of anonymity.

The property located at the upmarket township of Madonsa at Extension 13 Lot Number 1339, sitting on a Plot measuring 1000 square metres, was sold on Friday in an auction conducted by Manzini Deputy Sheriff which lasted hardly 30 minutes after having started at 10:30am.

The sale was pursuant to a writ of execution in the matter between First National Bank (FNB- applicant) and Homebase Investments (Pty) Ltd (first defendant), Silombo Investments (Pty) Ltd (second defendant) Clint Mark Bailey (third defendant) and Marcia Bailey (fourth defendant). 

“This is quite a good buy for residential purposes more especially as a retirement home. It could be changed into a guest house as well,” quipped one of the losing bidders as he walked away from the auction arena. 

On the conditions of sale, it had been mentioned that the purchaser would be expected to make a deposit of 10 per cent in cash upon the fall of the hammer by the auctioneer. The balance against transfer to be secured by a bank guarantee, to be approved by the plaintiff’s attorneys should be furnished within 21 days.

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