Twenty-eight years ago, skin-lightening business tycoon Solly Krok and his family celebrated after snapping up an extravagant Hyde Park, Johannesburg, property on auction for a cool R6.5m. At the time, it was the most expensive residential property in SA.
This week, a frail Krok, now 93, was present when the auction gavel dropped once again — this time on R129m as the highest bid for the iconic property Summer Place.
It signalled the end of an era for the colourful Krok family and new beginnings for the property, which has served as a setting for weddings, key negotiations, private breakaways, commercial celebrations, business functions and top-level conferences.
Krok, dressed for the occasion in an immaculate black suit with matching shoes and hat and a bright red tie, was overwhelmed.
“I am so very blessed to have been here. We were the successful bidders 28 years ago. We were standing in a tent over there by the swimming pool when I bought it for R6.5m. It was the most expensive residential property in the country at the time,” Krok told The Sunday Times shortly after the auction.
“Today I got to watch as Summer Place was auctioned again. It’s come full circle and I have been here for the whole story.”
Krok and his identical twin brother Abe, who died in 2013, made their first fortune selling skin-lightening creams during apartheid. They invested it in building luxury resorts and casinos, including Gold Reef City. In 2011 they merged Gold Reef Holdings with Tsogo Sun in a $2.2bn deal (R32bn in today's money). They also funded the Apartheid Museum.
Summer Place was originally built by Italian oil tycoon Marino Chiavelli, who designed it as his residential mansion where he became known for hosting the Miss SA finalists at a fabulous pool party at the house every year.
But after running into financial difficulties in 1994 he sold it on auction to the Kroks.
The venue's imposing water fountain feature created by sculptor Danie de Jager and featuring dragons, horses and maidens, was excluded from the latest auction.
Gesturing to the R20m artwork, Krok said: “That’s still mine.”
The winning bidder said he planned to keep Summer Place as it is, but add a hotel
“But Solly, that thing is going to cost you about R10m just to move,” shot back Broll Auctions CEO Norman Raad.
“Jeez. You’re probably right. I didn’t think about that,” Krok replied.
The auction took place in the Summer Place ballroom, where glass doors open onto the large swimming pool. Those attending sat on rows of transparent chairs under five sparkling chandeliers, facing a podium where auctioneer Ish Hendricks wielded the gavel. Sunglass-wearing security guards were stationed outside.
Raad said the sale showed that despite the turbulent economy, there was confidence in the property market.
The winning bidder, who would be identified only as Jackie, said he planned to keep Summer Place as it is, but add a hotel.
He narrowly won out over businessman Thami Ndlela.
“These things happen,” said a glum Ndlela, who is married to media personality Lerato Kganyago.
Krok, meanwhile, is deeply disappointed with the R129m sale price.
“That’s a very low price. In its heyday, before Covid, I believe it could easily have fetched about R250m,” he said.
The sale will go through subject to Krok’s acceptance of the below-reserve offer and final confirmations.
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.