Brian Myerson has been ordered to pay up — again.
Twelve years ago the South African-born tycoon made headlines in a R130m UK divorce settlement with his ex-wife, who took exception to his adultery. This time it’s the Cape Town high court ordering him to pay his former landlord R518,000 in rental arrears after a protracted property dispute over a swanky Clifton apartment.
Last year, Myerson initially refused to move out of a penthouse apartment in one of SA’s priciest apartment blocks, Eventide, which overlooks Clifton’s Fourth Beach.
He withheld his R125,000 rent for three months, claiming he had spent more than this amount on extensive renovations. He claimed the rental freeze had been agreed to by his landlord, Lloyd Pengilly, an investor based between Europe and SA.
However, Pengilly’s legal representatives said there was no such agreement, resulting in a legal tussle that culminated in a court order this week instructing Myerson to cough up the unpaid rental plus interest.
He may also need to pay for damage to the apartment based on the outcome of a second application before court, related to his unapproved building work.
Pengilly co-owned the 338m² apartment via a trust company and used it as his holiday home until 2015. It was leased to Myerson, but relations soured when Myerson failed to keep up his rent payments and allegedly reneged on an agreed purchase price.
Pengilly said the trust put the apartment on the market but Myerson prevented potential buyers from getting access to it.
When Myerson eventually left, the apartment was sold for about R50m.
Myerson co-founded the Principle Capital Group in 2004 and amassed a fortune as an investment manager. His business exploits were later overshadowed by a high-profile UK divorce settlement with his ex-wife, Ingrid, a sculptor, who was awarded a £1.5m (about R30m) South African property and £9.5m paid out over four years.
Myerson had contested the settlement amount, claiming it was unfair in light of losses suffered during the global credit crunch.
Media reports at the time detailed how Myerson led a double life, with two families: he spent holidays with his wife and children in Plettenberg Bay, while also visiting his mistress and her child in the holiday town, where he owned a string of polo ponies.
Responding to queries this week, Pengilly said: “I’m happy to say that our position has been vindicated and the property was successfully sold earlier this year at a premium to the municipal valuation.”
Myerson could not be reached for comment.
Lojanka de Wet, spokesperson for the Eventide body corporate, confirmed the apartment had been sold: “With regards to Mr Myerson, he was merely a tenant and we had very little interaction with him. I can, however, confirm that the apartment has subsequently changed hands.”
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