R10-million Ferrari bought with Tembisa Hospital money up for sale in South Africa

The Special Tribunal of South Africa has ordered that a Ferrari SF90 Stradale linked to alleged corruption and maladministration at Tembisa Hospital be sold for not less than R9.5 million.

The Italian plug-in hybrid (PHEV) supercar is one of several luxury vehicles preserved by the Special Tribunal’s order, pending the finalisation of the main application in the matter.

The Special Investigating Unit (SIU) welcomed the decision, which will see the proceeds deposited into an interest-bearing account and used to maintain assets under its curatorship during investigations into the looting of R2 billion at the Tembisa Hospital.

SIU Acting Head, Leonard Lekgetho, said the order demonstrates the importance of taking practical steps to protect assets that are the subject of preservation orders.

“The purpose of preservation is to protect the value of assets pending the finalisation of legal proceedings, and this judgment provides a prudent mechanism to achieve that objective while avoiding unnecessary and ongoing costs,” he said.

“The proceeds will remain preserved in an interest-bearing account and will be used strictly in accordance with the Tribunal’s order.”

Lekgetho called it an important step in ensuring that assets linked to alleged corruption are properly managed and that their value is protected for the benefit of the state and the people of South Africa.

SIU curator Jacobus Gideon Louw van Wyk brought the application before the Special Tribunal, seeking authorisation to sell the vehicle.

In his motivation, the curator submitted that the sale was necessary to preserve its value, accounting for the costs associated with its storage, insurance, maintenance, and to generate liquidity to execute his mandate.

Van Wyk’s application was opposed by the “Maumela Syndicate”, including the MHR Maumela Family Trust and Hangwani Morgan Maumela, who argued that the vehicle was not depreciating but would instead appreciate.

The Tribunal noted that two valuations had placed the Ferrari’s value at R10.2 million and R10.165 million, respectively.

First offers already tabled

In their opposition to the sale, the respondents submitted two offers to purchase the vehicle, offering R10 million on 1 July 2026, and submitting a second offer of R10,999,995 on 27 July 2026.

The Ferrari SF90 Stradale in question was originally purchased for R11,126,662.22 in April 2022.

Ferrari South Africa, where the vehicle is currently being stored, also made an offer of R9.5 million to purchase it, accounting for costs already incurred and factors affecting the vehicle’s value.

These include ongoing storage costs of R5,000 per month, insurance premiums of R8,333.33 per month, battery replacement costs of R104,857 and an estimated R408,000 for warranty reinstatement and factory-related considerations.

Special Tribunal President Judge Bernard Makgabo Ngoepe found sufficient grounds to authorise the sale, even in the absence of rapid depreciation.

He further found that the proceeds of the sale, if properly invested, could generate interest, contributing to the preservation and potentially enhancing the value of the asset.

Judge Ngoepe ordered that the curator sell the Ferrari SF90 Stradale for not less than R9.5 million, and the proceeds be deposited into a special interest-bearing trust account opened by the curator.

The proceeds will be used to maintain the assets under his curatorship and may be used only with the approval of the SIU, and not to pay the applicant’s fees.

The counterclaim seeking to remove the curator was dismissed, and the “Maumela Syndicate” was ordered to pay the costs of the curator’s condonation application, his application for the sale of the Ferrari and the counterclaim seeking his removal.