Businessman Andile Ramaphosa, who is South African president Cyril Ramaphosa’s son, is reportedly going through financial struggles which will see him losing his multi-million-rand property.

According to Sunday World, Ramaphosa Jr’s Edenburg mansion in Sandton, Johannesburg, will go on auction after he failed to pay R1.8 million of the loan he borrowed from Standard Bank.

 

RAMAPHOSA JR’S HOUSE TO BE AUCTIONED
The publication reports that the Johannesburg High Court granted the financial institution an order declaring the property executable.

In the court papers, Standard Bank reportedly said it had given Ramaphosa Jr a R1.8 million loan. The agreement was that he pays back R17 500 in instalments over 120 months. The bank said the businessman had also obtained an additional R450 000 loan and a R10 000 credit card in August 2012.

Ramaphosa Jr reportedly defaulted on the repayment of the loans and was over R217 000 in arrears. In addition, he is said to be over R4 700 in arrears on his credit card.

According to Sunday World, Standard Bank’s legal representative, advocate Sbusiso Radebe, confirmed the court orders.

“I can confirm that both matters (loan and credit card) were heard in separate court rooms in the Joburg high court, and both orders were granted. You can contact the attorney of the bank for further comment,” he said.

In the papers, the bank said the municipal value for the property is just under R2.4 million, however, it’s market value is over R1.9 million. It also said the property owes the City of Joburg over R56 000 in unpaid rates and taxes.

WHO IS ANDILE?
Andile Ramaphosa is President Ramaphosa’s first-born son whom he shares with his first wife, Hope – whom he was married to between 1978 and 1989.

Ramaphosa jnr is the founder of Blue Crane Capital. He became popular in 2018 with his fairytale wedding to his Ugandan wife, Bridget Birungi.