Markus Jooste’s former coastal estate expected to top $5.8 million

Nearly three months after hitting the market, a luxury coastal home once owned by the late South African businessman Markus Jooste has stirred strong interest among high-end buyers. The property, located in the seaside town of Hermanus, is now expected to fetch more than its R105 million ($5.8 million) asking price, according to local agents.

The home sits in Voëlklip, an exclusive suburb of Hermanus along Cape Town’s Whale Coast, known for its ocean views and quiet charm. Listed for sale in August, the residence has drawn a steady stream of inquiries from prospective buyers and investors, estate agents said.

Oceanfront Hermanus home draws top bids

Paul Kruger, licensee for Seeff Hermanus, said the home’s combination of oceanfront access, size, and privacy makes it a standout in the region. “There is no comparable property on the market right now that offers this kind of scale and setting,” Kruger said. “We believe it will sell above the listing price—it’s simply one of those legacy properties that don’t come up often.”

Property records confirmed by the Seeff Property Group show that Jooste owned the home during his lifetime. It also served for a period as a holiday residence for members of the Rupert family, one of South Africa’s wealthiest business families.

Hermanus Coastal Estate spans 6,900 square meters

Seeff describes the residence as “one of Hermanus’s most iconic and private coastal estates,” with uninterrupted views over Walker Bay and the surrounding mountains. The main house covers more than 2,000 square meters and includes seven bedrooms, three lounges, and ten garages. The grounds extend over 6,900 square meters and feature a 259-square-meter heritage cottage and a self-contained flatlet.

According to the listing, the property combines classical architecture with modern comfort, offering high ceilings, spacious interiors, and refined detailing throughout. “Every part of the home, from its formal reception rooms to its quieter spaces, was designed for both elegance and ease,” the agency said.

Legacy, loss, and accountability after Jooste

Jooste, once among South Africa’s most prominent corporate figures, died by suicide on March 21, 2024, at his Hermanus residence. He was 63. His death came as regulators continued investigations into the accounting scandal that led to the collapse of Steinhoff International, the global retailer he once led as chief executive.

The Financial Sector Conduct Authority said the day after his death that it would continue its probe into the case. The regulator also confirmed plans to recover a $25 million penalty from Jooste’s estate, noting that his passing would not end ongoing efforts to hold those involved in the Steinhoff affair accountable.