Steven Bartlett, the host of the Diary Of A CEO podcast, is facing scrutiny over a high-profit real estate transaction in South Africa . After acquiring a seven-bedroom mansion in Cape Town, the businessman is now selling the renovated estate for £8.5 million.
The £4.7 million leap in Bishopscourt property value
The Mail on Sunday reported that the 33-year-old businessman, who has a net worth exceeding £37 million, purchased a luxury estate on the slopes of Table Mountain for £3.8 million. Following a two-year renovation period , the property is being listed for £8.5 million, representing a massive increase in value. this transaction has drawn the attention of critics who view the rapid appreciation as a symptom of "house-flipping" in the local market, where properties are bought, improved, and sold quickly for inflated profits.
Warner Bros. sets and new padel courts
To increase the property's appeal, Bartlett added several high-end amenities to the Bishopscourt mansion. According to the report, these upgrades included a home cinema, a spa, and a padel court situated next to the swimming pool. The estate's luxury status was further evidenced when it was rented to Warner Bros. International productions to serve as a filming location for the German edition of the reality series The Bachelor.
Sedick Dawood’s warning on foreign demand
The sale has sparked significant backlash from local residents who feel that international wealth is distorting the Cape Town housing market. Resident Sedick Dawood expressed concern that Cape Town is being acquired by foreigners under the guise of investment, which ultimately pushes property prices beyond the reach of local citizens. social media commentators echoed this sentiment, suggesting that foreign demand makes it impossible for residents to afford their own land. This tension highlights a growing struggle in many global cities where high-net-worth individuals compete with locals for limited real estate.
Was the Bishopscourt flip a calculated business move?
It remains unclear whether the rapid reale of the mansion was a deliberate investment strategy or a matter of convenience. While Private Eye has previously mocked Bartlett for his "self-mythologisation" regarding his business ventures, this real estate move presents a different kind of scrutiny. As reported by the Mail on Sunday, a friend of Mr. Bartlett suggested that the businessman's expanding global business, which includes offices in both the UK and the US, makes frequent visits to South Africa difficult. The friend noted that Bartlett was only able to visit for four weeks last year, making the upkeep of the property impractical. While the profit is substantial, his spokesman has declined to comment on the specifics of the sale or his long-term intenttions in the region.
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