Former Bafana Bafana and Mamelodi Sundowns star midfielder Sibusiso Vilakazi’s luxury house in Ruimsig, in Roodepoort, has been attached and sold after he struggled to service his bond repayments.
In February the Johannesburg High Court granted an order to FirstRand Bank to attach and sell Vilakazi’s property to recoup the money it loaned him to buy the house.
The court order against Vilakazi was made on February 28, 2024, by Judge Fiona Dippenaar.
Contradicting court records
Although when contacted for comment, Vilakazi denied knowledge of the litigation, court records seen by Sunday World paint a different picture.
Dippenaar ordered that Vilakazi, the former Bidvest Wits star, pay back more than R3.4-million in bond account arrears for the house and ordered that the property be attached and sold on the market.
“Having read the documents filed of record, having heard counsel, and having considered the matter, an order is granted against the respondent in the following terms: payment of the sum of R3 431 804.75; Interest thereon at the rate of 10.93% nominal per annum calculated daily and compounded monthly with effect from 10 May 2023 to date of payment, both days inclusive.
“Declaring the immovable property…specially executable; that the sheriff of the above honourable court is authorised to execute the warrant of attachment herein; The immovable property of respondents shall be sold by the sheriff subject to a reserve price of R1 980 000, alternatively such reserve price as may be set by the court…” said Dippenaar in her ruling.
In June last year, FirstRand brought an unopposed application against Vilakazi before the Johannesburg High Court, asking for an order to attach and sell the former TS Galaxy star’s property in a bid to recoup the money it loaned him to buy the pad.
In court papers, FirstRand Bank Limited said it loaned Vilakazi R3 350 000 to purchase a house in the upmarket Willowbrook Estate in Ruimsig in Roodepoort, western Johannesburg on August 19 2021.
Vilakazi was supposed to pay back the loan in regular monthly instalments of R 25 900,94 over 240 months (20 years), with the instalments payable on the first of every month.
If Vilakazi violated any of the loan agreement’s conditions, FirstRand Bank would have the right to claim repayment of all amounts owed and to have the property declared executable.
Over R190,000 in arrears
Prior to the court action, FirstRand Bank said through its lawyers, Van Hulsteyns Attorneys, it wrote a letter to Vilakazi in May last year informing him that, as of May 9 2023, his bond account was in arrears of R190,657.98 and advised him to pay and keep the account up to date.
Alternatively, if he could not keep his account up to date, Vilakazi was told to contact the bank’s offices and discuss the possibility of making a firm arrangement to bring the bond arrears in terms of the loan agreement to date.
However, Vilakazi, who is without a football home after parting ways with Sekhukhune United in June, did not respond to the bank’s letter nor its telephone calls, emails and SMS messages to enter a repayment arrangement.
As a result of rejecting the proposed assistance and still failing to settle the arrears, FirstRand approached the courts for an order to attach and sell Vilakazi’s property.
The bank said Vilakazi last made a monthly instalment payment to his house on December 1 2022. At the time he made a payment of an amount of R32 651.53.
Contacted for comment, Vilakazi said he was not aware of any loan agreement entered between him and FirstRand Bank.
He said he was not aware of the court order and declined to comment further. Vilakazi said he owns a property in Ruimsig, which is financed by Standard Bank and is up to date with bond payments.
