It provided the backdrop for a Netflix series and boasts ornate features from across the world. The so-called Gatsby mansion, perched on Houghton Ridge in Johannesburg, is back on the market. Its price has been cut by almost R28m and it is said to have a possible buyer.
Two years ago the property was being marketed for R92m, but did not sell. Now it's on sale for R64.8m, or for a monthly mortgage payment of about R500,000, according to a bond calculator.
However, the Rolls-Royce originally thrown in to sweeten the deal is no longer
included. The house was nicknamed for the tragic millionaire hero in F Scott Fitzgerald's eponymous novel.
"It's one of South Africa's jewel homes, a property that will stay in a family for generations and could never be replaced or rebuilt. This house took 10 years to create and the original launch price was R110m," said Chas Everitt Luxury Portfolio CEO Rory O'Hagan.
The owner and his family never lived in the home, but business events were regularly hosted there, said O'Hagan.
"Live, work and play at home is a major trend now among high net worth individuals," he said. The market was changing in the face of pandemic restrictions and interest rates were at a 50-year low.
He said many people who were planning to leave the country were now sceptical of the future of places like Europe, and were opting rather "to stay here in South Africa for now".
"People are using this time to make big life decisions. They want to settle in a self-contained safe haven where they can be with their families and ride things out without any loss of income or major lifestyle adjustment."
They want to settle in a safe haven where they can be with their families and ride things out without any loss of
— Rory O’Hagan, Chas Everitt Luxury Portfolio CEO
income or major lifestyle adjustment
The Gatsby mansion, which also makes a cameo appearance in the 2020 Netflix series How to Ruin Christmas - The Wedding, may have caught the eye of a possible buyer.
"I am under NDA [a non-disclosure agreement] so I can't say too much," said O'Hagan.
"But the owner is happy for me to tell you that there is an offer on the table and we are cautiously optimistic that it will all work out smoothly."
The property is listed as owned by businessmen Paul Donald Stuart and Stephen Peter Pellerade.
Lightstone Residential Property, which monitors all property sales in SA registered through the deeds office, shows that while a market upswing has been highest in low-value properties, there has been a steady increase in the luxury market since the second half of 2020.
The Gatsby mansion, which is clearly in the luxury market, is not short on features.
It was created by Pellerade Design House, known for creating luxurious spaces for uber-wealthy clients, and took 10 years to build.
The ornate front doors were sourced from a palace in Buenos Aires in Argentina and the chandeliers are from Venice.
There are statues from France, solid marble balustrades from Turkey, commissioned modern artworks, old masters, classic pieces and antiques throughout.
The 2,000m² home is laid out over four storeys and includes its own nightclub, a spa, a gym, a bar, lavish living areas and an indoor swimming pool.
It has a library and an entertainment centre based on the Buddha Bar in Paris with smart climate control, music, lighting and security systems, all operated via a cellphone.
It has eight en suite bedrooms and the terraced gardens are based on the Peterhof Palace lawns in Russia.
O'Hagan said high-end properties were selling at much lower prices than they were "three or four years ago", but that the market was moving again and luxury properties were selling.
Samuel Seeff, chair of the Seeff Property Group, said he believed confidence was returning to the top end of the property market after an interruption of about three years, when sales above R20m dipped compared with the 2015-2017 years and came to a standstill during the first half of 2020.
"The recent actions by President [Cyril] Ramaphosa, both in terms of his testimony at the Zondo commission and the demonstrated implementation of the ANC's step-aside rule, have been quite momentous and a confidence boost for the country," said Seeff.
"Already we are beginning to see a level of confidence on the part of wealthier buyers returning, with Seeff achieving record monthly sales turnover boosted by recent high-value sales above the R45m price mark, although the high-value sales are still predominantly in the Cape."
The Chas Everitt Sandton office has, in the past 12 months, sold more than 40 properties in the luxury bracket and around 15 properties in the super-luxury bracket in Johannesburg alone.
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