The Nkomazi municipality values the property at almost R1.6bn while Rupert and his associates put the figure at R330m
Rupert, who is worth about $11.3bn according to Forbes, owns 50 stands, and Leopard Creek Investments owns 47, which are not for sale.In an interview with Business Day, he described the affair as a scam. He said Leopard Creek had agreed to pay municipal fees “out of goodwill”, despite the fact the municipality provides no services to the property.
Rupert said the dispute was causing economic damage in the region. “I want to build a hotel; there are at least two hotel groups who want to invest but there is no certainty about taxes and rates.” Aggrieved, Leopard Creek said recently the property’s value had decreased from R450m in 2017, to R330m now. It then approached the Mpumalanga court, seeking the valuation to be set aside, arguing that the valuation appeal bodyIn furtherance of its case, Leopard Creek has hired property mogul
Nagle further pointed to the high costs of maintaining a golf course, putting the figure at R30m per year. He said these costs are what makes the developments unattractive to potential developers or buyers.of Leopard Creek Country Club, said the property was heavily subsidised by the developers, in particular Rupert.olf course, adding that should Rupert end his involvement with Leopard Creek, the present business model would no doubt change and the estate would be less exclusive.
He said no expense is spared in maintaining the golf course and that the sites are owned by some of the wealthiest people in the country.have gone insolvent, they are not in the same market and cannot be compared to Leopard Creek. The final outcome will go a long way in determining the rates and taxes the golf estate will pay to the municipality.
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