James Makamba’s SA Luxury Mansion To Be Auctioned Off Over 59 Million Debt
Zimbabwean businessman James Makamba is set to lose his luxury multi-million rand mansion in Sandhurst, Johannesburg after he failed to pay off an R59 million debt to Absa’s wealth unit. Makamba accumulated the debt through mortgage, credit card and vehicle financing accounts.
The mansion will be auctioned off on the 29th of November and opening bids will be starting at R25 million. Makamba refused to comment on the matter arguing that it was not newsworthy. However, High Street Auctions Lead Auctioneer and Director Joff van Reenen on Wednesday said the upmarket Coronation Road’s Villa Royale was being sold due to an order of the court on November 29.
Makamba only returned to Zimbabwe in December last year after spending 13 years in self-imposed exile. Makamba left the country in 2005, after being arrested for allegedly illegally dealing in foreign currency without a licence. He later told the courts that he had fled the country because former President Robert Mugabe had threatened to kill him after suspecting that he was having an affair with former First Lady, Grace. Makamba told the court in June.
Your worship my client was under the genuine belief that his life was in danger. It was not in danger of the body of his person but could have been killed if he continued residing in the country. The person whom he (Makamba) suspected may harm him is none other than the former Head of State Robert Mugabe who suspected that he was dating his wife, Grace. That man was viewed as the law unto himself.
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