A luxury Ferrari linked to businessman Hangwani Morgan Maumela has been sold for R10.1 million at auction, following its seizure as part of an investigation into alleged corruption at Tembisa Hospital.
The 2022 Ferrari SF90 Stradale, valued at more than R11 million, was sold after the Pretoria High Court dismissed Maumela's urgent application to prevent the auction from proceeding.
The ruling cleared the way for the Special Investigating Unit (SIU) to continue its asset recovery efforts.
The blue Ferrari, which belongs to Maumela and the MHR Maumela Family Trust, has only 357 kilometres on its clock.
The vehicle was purchased in April 2022 for approximately R11.13 million and was preserved by the SIU in September last year as part of its investigation into an alleged R2-billion corruption scheme at Tembisa Hospital.
The auction, facilitated by Bidders Choice, opened on Friday with a starting bid of R8 million.
However, a Special Tribunal order required the vehicle to sell for at least R9.5 million.
Maumela approached the Pretoria High Court in an attempt to stop the sale, but the court dismissed his urgent application, finding that there was no irreparable harm that would justify halting the auction.
The court also considered the ongoing costs associated with storing and maintaining the luxury vehicle, including monthly storage fees of R5,000 and insurance costs exceeding R8,000.
The final sale price of R10.1 million exceeded the minimum reserve price set by the Special Tribunal.
The proceeds will be held in an interest-bearing trust account under the control of an SIU-appointed curator pending the outcome of the civil proceedings.