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Tuesday Aug 28, 2012

Infamous Baroness' property to be auctioned off again

A Constantia mansion, situated on 1 Rhodes Drive, and once owned by the infamous Baroness Aleksandra von Maltzan, will once again go under the hammer on 13 September 2012.

An aerial view of the half-completed mansion.

This follows the liquidation of an upmarket property development company, Morgan Creek Properties 144 CC "Morgan Creek", which purchased the property on auction in 2010.

A glimpse into the history of the property reveals that Baron and Baroness von Maltzan, as they were known, originally took occupation of the Constantia Heights property in October 2002, and were known to host lavish parties in the antique-filled home, often visited by the likes of neighbour Mark Thatcher and his mother, former British Prime Minister, Margaret Thatcher.

In July of 2009, however, the couple fled the country under a cloud of debt, leaving their Constantia mansion strewn with their clothing and personal effects. In January 2010, the home went under the hammer in a highly anticipated auction, and was sold to Morgan Creek, a close corporation.

Morgan Creek commenced work on the property shortly after it was purchased, embarking on major structural changes and ultimately planning to convert it into a luxurious 3-storey mansion complete with extensive indoor and outdoor entertainment areas. However, Morgan Creek subsequently ran into financial trouble which resulted in an High Court application in December 2011 to place the close corporation into liquidation.

On instructions from the joint liquidator, Darusha Moodliar of Sanek Trust Recovery Services (Pty) Ltd, this property, together with four other luxurious properties owned by Morgan Creek in Constantia, will be taken to auction by Aucor on 13 September 2012.

Comments Martin Dibowitz, MD of Aucor Western Cape, ''We are working closely with the liquidators to sell this property, along with various other properties which formed part of the Morgan Creek portfolio.

The mansion has an impressive history and boasts some of the most spectacular views over Constantia - it's no surprise that it has already received great interest from various high profile potential purchasers and will undoubtedly continue to attract various interested buyers. Due to the magnificent nature of this property, we are anticipating a very exciting auction.''

''The expansive home is currently approximately 40% complete, offering virtually limitless potential for an individual or developer to complete this development as they so wish. The property also consists of two erven which will be sold both separately or together, allowing individual bidders the opportunity of buying a truly magnificent property,'' adds Dibowitz.

Shortly before the 1 Rhodes Drive property goes under the hammer, the four other luxurious homes within the Morgan Creek portfolio, and situated a short distance away within the upmarket Warblers Grove security estate, will also be offered on auction.

The 1 Rhodes Drive auction will take place at 2pm on 13 September on site. The Warblers Grove properties will go under the hammer at 11am on the same day, also on site at Warblers Grove, Warblers Way, Constantia.

View the auction listing for the mansion.

Aucor Press Release

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