A farm belonging to investment fund manager Cobus Kellermann‚ who is accused of instigating a R200m global Ponzi scheme‚ has been snapped up for a song. By the look of things‚ the Mauritian liquidator trying to recover money that allegedly disappeared under Kellermann’s watch, will not recover much from the South African asset. The Stellenbosch farm‚ belonging to an investment fund linked to Kellermann’s Mauritian-based company Belvedere Management Group‚ went under the hammer on Monday‚ fetching just less than R12m. Five bidders — at an auction attended by the about 100 people at the V&A Waterfront — competed for the Stellenbosch Mountain Retreat, which is owned by Transholding Investments. Transholding has been liquidated in Mauritius. Jonathan Smiedt‚ CEO of auctioneer ClareMart‚ said he was happy with the turnout. "It has been sold but it is subject to the liquidator’s confirmation‚" said Smiedt. "It was sold for just under R12m, including the auctioneer’s commission. I am happy...
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