(The Times) – Randlord-to-be? Sheikh Mohammed Al-Amoudi, who has apparently already made an offer for the Elchim Estate
Kidnap drama: The Sunday Times of April 17 1966 tells the story of the Glazer family’s ordeal. The stolen baby, Sam, is now selling the property in which Al-Amoudi is said to be interested
The Glazers, owners of the site, made headlines in 1966 when they were involved in a kidnapping drama.
Sheikh Al-Amoudi could join a growing list of wealthy foreigners who own expensive SA land.
One of the richest men in the world has placed a bid for arguably South Africa’s priciest piece of vacant land in Sandton, north of Joburg.
Ethiopian-born Sheikh Mohammed Al-Amoudi, who is ranked the 97th richest person in the world with a fortune of R72-billion, secretly flew into Joburg to view the 110000m² site, which is on the market for R200-million.
Owned by the Glazers, one of the city’s wealthiest families, Elchim Estate has been described as a developer’s dream.
Pam Golding Properties development manager Andre Dippenaar this week declined to comment on interested parties who had viewed the site.
He also said that, due to an agreement with the owners, he could not disclose the offers that had been made.
But Metro has established that Al-Amoudi is among a group of interested buyers who had offered in the region of R150-million for the land.
The site is earmarked for residential and hospitality rights. Council documents show that developments could range from a 35-unit townhouse complex to a 125- room hotel or a shopping complex.
The Glazer family, who earned their fortune in property development, made headlines in 1966 when they were involved in a kidnapping drama.
Etty Glazer, who lives in a 218m² apartment in the Michelangelo Towers in Sandton, was kidnapped with her then 22-month-old son, Sammy, now in his 40s.
The four kidnappers were paid a ransom totalling R140000. They were later arrested.
Sam now lives in the US, but he is heading negotiations for the sale of Elchim Estate.
Before his death in 1984, Etty’s husband, Bernard, had built hotels, bought land and acquired mineral interests across vast areas of Zambia, Zimbabwe and the Democratic Republic of Congo. The rest of the family have remained low-key, avoiding public attention.
Although it is not known how much land the family still owns in Joburg, their site in Morningside is one of the most expensive properties in the northern suburb.
Deed records show that the highest price fetched for a piece of land for development was R138-million last year.
No details of that particular sale are available.
Although Pam Golding Properties has remained silent about people interested in acquiring Elchim Estate, the asking price is only a fraction of Al-Amoudi’s wealth, which he accumulated from a business empire that ranges from mining to hotels.
Al-Amoudi made his fortune in construction and property before branching out to buy oil refineries in Sweden and Morocco.
He is the largest private investor in Ethiopia, putting money into diverse assets, including property and a food-processing plant.
He has maintained a relatively low profile, but has expensive tastes and owns a 34m yacht worth more than R130-million. It boasts three double cabins, a guest cabin, a saloon with bar and a Jacuzzi on the upper deck.
The sheikh also bankrolls the Ethiopian national soccer team.
If Al-Amoudi snaps up the Sandton land, he could join a growing list of foreign billionaires who own property in South Africa.