Author: Julius Cobbett
Date Published: 15 April 2013
Auctioned: luxury, architect-designed property, paid for by Ponzi victims.
JOHANNESBURG – The Hermanus holiday home built by the late Herman Pretorius has sold on auction for R16.5m. Pretorius was the mastermind behind the Relative Value Arbitrage Fund (RVAF), an unregulated Ponzi scheme that solicited an estimated R2.2bn from investors.
On July 26 last year Pretorius shot his former business partner before turning the gun on himself. Pretorius’s personal estate and various entities associated with him have been placed under sequestration or liquidation. One of these entities is Hentiq 1803, a private company which was the registered owner of the Hermanus beach home.
Hentiq’s liquidators, Sandra Daneel and Christian Bester, appointed ClareMart Auction Group to sell the property. The auction took place last week Friday. On Monday it issued a media release announcing the sale.
ClareMart CEO Jonathan Smiedt said: “We had an unexpected turn out of over two hundred members of the public attending the auction as well as media journalists from various publications, one of whom described the event as having a pleasant and festive atmosphere. The bidding on the home was exceptionally fierce ………