Property

Markus Jooste’s mansion in Hermanus goes on sale for R105 million

Kirsten Minnaar • 1 August 2025

The former home of Markus Jooste, the former CEO of scandal-ridden retailer Steinhoff, has hit the market for R105 million.

This property, located in the prestigious area of Voëlklip, Hermanus, has officially been listed on the property market with Seeff Hermanus, its exclusive agent.

It boasts an unrivalled scale and prime position as one of the most exclusive estates on the Whale Coast, and is expected to achieve a record-breaking sale price.

The property’s former owner, Markus Jooste, was the former CEO of Steinhoff, which owned Conforama in France and Mattress Firm in the United States.

The company’s share price collapsed dramatically when its accounting irregularities were revealed on 5 December 2017, after auditors refused to sign off on its financials.

Following this revelation, Jooste resigned with immediate effect, and Steinhoff, which was once valued at R240 billion, started falling apart.

The company appointed PwC to conduct an independent investigation into the alleged irregularities that Deloitte had identified initially.

Jooste’s former Hermanus home has already drawn much attention from property investors. 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.

The estate includes a rare double plot, covering 7,000 square meters. It boasts a manor house with spacious interiors and bespoke finishes, along with additional residences, all in a Cape vernacular style.

The Voëlklip home has panoramic views of Walker Bay, globally renowned for its spectacular whale-watching. It was also once the cherished holiday retreat of the billionaire Rupert family.

The home’s main residence boasts the following features:

Four bedroom suites, each with its own ensuite bathroom
Entrance hall leading into living and dining areas
Study/Library
Enclosed ocean-facing patio
Braai and entertainment room
Heated indoor pool with luxury spa facilities including dry sauna and steam room
Heated towel rails in bathrooms
Voyager-style garden walkway connecting the residence to outdoor spaces
Chef’s catering kitchen with premium finishes
Practical scullery with staircase leading to a basement equipped with a walk-in fridge and cold room
Staff bathroom
Secure basement with ample parking bays
Two generators ensure uninterrupted power supply

The cottage offers two bedrooms and two en-suite residences (259m²). It includes two single garages and seven secure visitor parking bays. The property also has a separate 1-bedroom apartment, 84m² in size.

Appeal for high-net-worth buyers

Kruger said that Hermanus has become a prime destination for second homes and development, largely due to its stunning coastal location, weather, lifestyle, and proximity to Cape Town, which is only a two-hour drive away.

High-net-worth (HNI) buyers and investors are increasingly drawn to the area. A recent New World Wealth Report, for example, indicated a 25% increase in high-net-worth individuals migrating to the town, surpassing growth in other Western Cape regions.

Over the past few years, property sales over R5 million have more than doubled due to strong demand.

Exclusive areas like Kwaaiwater and Voëlklip have recorded transactions ranging to over R20 million and, more recently, over R40 million, with rare properties such as this estate expected to top the R100 million mark.

Lightstone data confirmed Hermanus boasts the highest volume and value of transactions among key smaller coastal towns, solidifying its position alongside areas such as Plettenberg Bay in the high-value segment.

Proximity to Cape Town – approximately 90-120 minutes’ drive – is a significant advantage, offering high-net-worth buyers a blend of tranquil coastal living and access to major city amenities.

Kruger said this has driven a notable semigration trend, particularly from Gauteng, with a substantial number of affluent individuals residing permanently or owning significant holiday properties in the area.

Due to the property’s high profile, the sale will be managed with discretion.

He emphasised the extreme rarity of this opportunity, noting that a double plot in the highly sought-after Voëlklip area is “virtually unheard of” in his two decades of experience.

Kruger added that the acquisition is not just buying a house; it is an investment in a world-class location and lifestyle, offering a unique chance for a new owner to establish a lasting legacy.