Dragons' Den Star's Property Sale Sparks Outcry in Cape Town

Dragons' Den star Steven Bartlett is set to more than double his investment on a Cape Town property, a move that has drawn criticism from local residents who accuse him of driving up house prices. Bartlett, known for his role on the BBC's Dragons' Den and his Diary Of A CEO podcast, purchased a seven-bedroom mansion in the Bishopscourt area for £3.8 million in 2024.

Property Development and Sale

Over two years, Bartlett, who has an estimated net worth exceeding £37 million, renovated the property situated on the slopes of Table Mountain. The upgrades reportedly included the addition of a padel court, alongside existing amenities such as a swimming pool, home cinema, and spa. The property was also rented out to Warner Bros International productions for filming.

Bartlett is now selling the renovated mansion for £8.5 million. This significant price increase has led to accusations from some South African residents of "flipping" the property—buying a house, improving it, and reselling it quickly for a substantial profit.

Local Criticism

Residents have voiced concerns that such transactions by foreign investors contribute to rising property prices, making housing unaffordable for locals. Sedick Dawood, a resident, stated, "I love Steven, but here again Cape Town is being bought by foreigners, under the guise of 'foreign investment', but in reality pushing up property prices for citizens." Social media commentary echoed this sentiment, with one user expressing, "We are unable to enjoy or afford to enjoy our own land because of foreign demand."

Bartlett's Situation

A friend of Bartlett's suggested that the sale was not primarily driven by profit intentions but by the businessman's increasing travel commitments. With expanded business operations and offices in both the US and the UK, Bartlett's time has become largely consumed by international travel. According to the friend, Bartlett was only able to visit the Cape Town property for four weeks last year, making it impractical to retain.

Bartlett's spokesperson declined to comment on the matter.