Defence Minister Lindiwe Sisulu stands to lose the luxury Sandton home she owns with her husband after failing to pay bond instalments and R160 000 worth of levies.
The former housing minister and her husband, Professor Rok Ajulu, borrowed almost R2-million to build the Riverclub, north of Joburg, house in 2004. Ajulu believes it’s now worth over R3m.
Now the couple will have to launch a legal bid to keep the unit from going under the hammer at a public auction set down for March 23.
The Cape Times has learnt that, due to their bond account falling into arrears, Standard Bank turned to the courts to repossess the property.
Original Post on Cape Town Property Bubble: Defence Minister Stops Paying Bond On Unfinished Home