Special Tribunal grants order for sale of Ferrari linked to ‘Maumela syndicate’, buyers already lined up
· Citizen
President of the Special Tribunal, Judge BM Ngoepe, has authorised Jacobus Gideon Louw Van Wyk, in his capacity as the curator bonis in the matter, to sell the Ferrari SF90 Stradale linked to the Maumela syndicate.
The vehicle is one of the assets that are the subject of the Preservation Order issued by this Tribunal on 25 September 2025, pending the finalization of the main application in this matter.
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The curator had approached the courts seeking the order for its sale to preserve its value, as it is rapidly depreciating in value, mitigate the substantial and ongoing costs associated with its storage, insurance and maintenance, and to generate liquidity to capacitate the curatorship and enable him to effectively execute his mandate.
“It is not known when the main application is going to be finalised. The Applicant also said that he needed part of the proceeds from the sale of the vehicle to maintain other assets of the estate. He later abandoned the request that part of the proceeds be used to pay his own fees; accordingly, this will be left out of account,” commented Judge Ngoepe.
The application for the sale of the Ferrari was opposed by the “Maumela Syndicate”, the Maumela Family Trust.
Valuation
They argued that the Trust is the common law owner of the vehicle and that that the vehicle is not depreciating in value, let alone being the subject of a rapid depreciation. They argue that, on the contrary, it appreciates in value.
It is said to have been bought for just over R11 million in April 2022.
The curator wanted it to be sold for about R9.5 million, being an offer made by Ferrari South Africa (Pty) LTD, where the car is presently stored.
According to the court papers, the valuation of the vehicle was done, and other offers were received to buy it at a price seemingly higher than the offer initially made to the curator by Ferrari.
Two evaluators valued the vehicle at R10.2 million and R10.165 million, respectively. On the other hand, the respondents filed two firm offers for its purchase. One offer was for R10 million, while the other offer was for R10.999 million.
Maumela syndicate judgment
Judge Ngoepe said, while he was not convinced that the vehicle is the subject of rapid depreciation, other considerations must be taken into account, including premium costs and storage costs that would continue to be a financial burden.
“All considered, it is my view that the vehicle should be sold for at least R9. 950 000. As indicated by the applicant, the offer in that amount has taken into account certain value-diminishing factors such as relatively modest factory options and warranty reinstatement (estimated R408 000),” commented Judge Ngoepe.
“The other important thing about the offered R9.5 million is that they have already absorbed some costs already incurred such as ongoing storage costs of R5 000 a month and monthly insurance premiums of R8 333.33 as well as battery replacement (R104 857.00). Thus, what appears to be a better offer might at the end of the day not be really so, once the above are taken into account.”
On Thursday, 13 August, he authorised the curator to sell the Ferrari SF90 Stradale for not less than R9.5 million.
“Proceeds from the sale of the said vehicle will be deposited into a special interest bearing Trust Account to be opened for that purpose by the Applicant and be used towards the maintenance of the assets under the Applicant’s curatorship,” ruled Judge Ngoepe.
The proceeds from the sale of the Ferrari to be used only with the approval of the Special Investigating Unit.