South African actress Terry Pheto, known for her roles in films such as Tsotsi and The Bold and the Beautiful, has sold her luxury home to an unidentified businessman in Johannesburg for R3.9 million.
The house, which had been subject to a preservation order obtained by the National Prosecuting Authority’s Assets Forfeiture Unit, failed to attract any bids when it was put up for auction in early March.
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According to auctioneer Graham Renfrew of Asset Auctions, the house was offered to “interested parties” after it failed to attract any bids on the day it went under the hammer. “We sent out 105 offers to purchase to interested parties and received eight offers, ranging from R1.7m to R3.9m. Of these offers, eight, ranging from R3.5m to R3.9m, were forwarded to the curator [acting for the Special Investigating Unit] for consideration,” Renfrew said.
The highest offer of R3.9m was accepted and the process of transferring the house to the new owner is now underway.
Pheto’s house, located in Bryanston, Johannesburg, was built using Lottery funds meant for “good causes”. The house and the land on which it stands were both paid for in cash, with a total cost of R5m.
According to reports, R3m of the money came from a dodgy R20m Lottery grant for an “initiation programme” paid to non-profit company Zibsimode in the 2017/2018 financial year. An additional R1m used for the house came from a R10m grant paid to another non-profit organization, Life for Impact in the 21st Century, to pay for a youth awards ceremony.
However, it was later revealed that Life for Impact had nothing to do with the awards, and not a cent of the grant was used for the event, which was entirely funded and hosted by the National Youth Development Agency.
The sale of Pheto’s house marks the end of a controversial chapter in the Lottery’s history, as funds meant for good causes were used to pay for a luxury home. The case has raised questions about the management of Lottery funds and the need for greater transparency in the allocation of funds. – News24
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