Tycoons tussle for R25m penthouse

The battle for ownership of a R23m penthouse at Michelangelo Towers in Sandton was settled in the High Court yesterday.

Rebserve CEO Stephen Levenberg brought a High Court action claiming he had a verbal pre-emptive right on the yet to be completed penthouse which has been sold Brian Joffe, founder and chief executive of Top 40 company Bidvest.

Levenberg, a former lawyer whose business is now part of Mvelaphanda, proceeded against Legacy Group – which built and sold the units at the towers – and its chairman Bart Dorrestein.

The court ruled against Levenberg, re-affirming that all property transactions in SA have to be in writing.

The Michelangelo Towers is the tallest building in Sandton, third tallest building in Johannesburg and fifth tallest commercial structure in South Africa.

The project cost R750m and was built over a two-year period. There are about 196 apartments, with sizes ranging from 76m2 to 800m2. Prices range from R1,8m to R23m.

Dorrestein said the Michelangelo Towers is the "best inland address" in South Africa. The penthouses have been sought after by business leaders. Apart from Joffe, other buyers are rumoured to include Pick ‘n Pay CEO Sean Summers. Dorrestein added that the location is unique and everything is within walking distance.

"There is only one penthouse left and there is a lot of demand for it."

Asked if strong demand for the units did not indicate room for yet another super-block, he said: "No, there is no other site so favourably situated."

The 146m-tall, mixed-use residential complex and retail centre is Africa’s most expensive real estate.

Article from: www.moneyweb.co.za