First Lady Grace Mugabe seems to have a spending habit. Even though her business empire is incurring perennial losses since 2003, she has spent millions of dollars on cars, houses and jewellery.
This is not it. Grace has lately gone on a mission to expand her real estate portfolio and she purchased a US$4,2 million plot in the exclusive Helensvale area of Harare’s Borrowdale suburb. The plot was meant to be used for a housing development project.
The Zimbabwe Independent made the exclusive revelation. The information gathered by the paper show that the First Lady paid US4,2 million to Jan Teede, a Harare man in November 2016 for a plot of 55 hectares located at 336 Carrick Creagh Road.
Mr. Teede who bought the property overlooking President Robert Mugabe’s “Blue Roof” mansion in 1983, confirmed to have sold it to a company linked to Ms. Mugabe – Malthill Investments. He also said that the property has been paid in full and that the transfer will happen soon.
He said he does not know the shareholdings of Malthill Investments but he understands that the First Lady is one of the directors. He had plans to commence a housing developing on the property but then he received the offer. He added that they have been granted some time to remain on the property after transfer but he is not too sure if they will be asked to move after the transfer.
The Independent further investigated and it appears that the First Lady also purchased a US$3,5 million property in Sandhurst, Sandton’s most affluent area, and there is negotiation to buy another. Other investigations show that she has been renting a massive South African Property owned by Angolan immigrants for more than US$15,000 a month.
The First Lady’s empire includes a massive double-storey mansion on Mapfeni Farm. She also claimed land that belonged to the former Zimbabwe Stock Exchange-listed-agro-producer Interfresh’s Mazowe Citrus Estate.
