The week of 3 to 7 May 2010 in review

Monday
After ABSA got slapped with a law suit for lending money to a pensioner in Port Elizabeth who could clearly not afford it, the banking Ombudsman revealed that reckless lending is actually quite common in South Africa. With the National Credit Act having the reputation it does, who'd have thunk it? Read more

Tuesday
South African playboy Lolly Jackson was murdered on Monday night and so we took a look at how much his cars are worth. He owned quite a few high end sports and vintage cars and you might be shocked when you read just how much he spent on these bad boys. Read more

Wednesday
Picasso's artwork broke a record at an auction on Tuesday night when it was sold for an absolutely staggering $106.5 million, but it wasn't the only work of art that coined it. Read more

Thursday
With the World Cup around the corner and football fever gripping the country, SAFA introduce a R1-million for every goal scored by the national side incentive but with Bafana's average, that money should be safe. We took a look at what other high rolling sport incentives are out there. Read more

Friday
With all this cash-flashing going on, we all think the recession is over but strategist and scenario planner Clem Sunter burst our bubble when he said that there is an 80% chance that the current economic upturn is temporary. So, if the recession could talk, it would say: "I'll be back!" Read more

FAQ's

Q: How much was Lolly Jackson's car collection worth?

A: According to JustMoney's 2010 article, the late nightclub owner's car collection was estimated at around R94.4 million, with standout pieces including a Koenigsegg CCX (R14 million estimated) and a Pagani Zonda (reportedly R11 million). These were 2010 estimates and the collection has long since been disposed of via his estate.

Q: How does vehicle finance work for luxury cars in South Africa?

A: Vehicle finance for luxury or exotic vehicles typically requires a larger deposit (often 10%–30%), proof of income meeting strict affordability tests under the National Credit Act, and may involve specialist lenders or balloon-payment structures. JustMoney's current vehicle finance content covers the practicalities of comparing rates from SA banks — well outside the scope of this 2010 news article.

Q: What happens to a wealthy person's assets when they pass away in South Africa?

A: Assets enter the deceased estate and are administered by an executor appointed via the Master of the High Court. After settling debts, estate duty (currently 20% above the R3.5 million threshold, 25% above R30 million), and executor's fees, remaining assets are distributed per the will. JustMoney has extensive evergreen content on estate planning and wills — see those articles rather than this 2010 news piece for current guidance.