Steyn City developer and billionaire Douw Steyn dies, aged 72

Billionaire businessman and property developer Douw Steyn has died at the age of 72.

Steyn is best known for launching the Auto & General insurance business and developing the luxurious Steyn City estate in northern Johannesburg. 

Douw Steyn passes away

He also founded Telesure Investment Holdings and BGL, based in the UK.

His wealth was estimated at R70 billion on the 2024 UK Sunday Times Rich List.

He is thought to have struggled with illness for a few years.

“Steyn will be remembered as an exceptional entrepreneur who built a global business of immense scale across seven countries, and a visionary with a deep-seated commitment to South Africa and its people,” said a joint statement by Steyn’s companies on Tuesday.

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Nelson Mandela

He was also known for having a close relationship with former South African president Nelson Mandela.

Mandela stayed at the businessman’s Johannesburg home for six months after the struggle hero’s release from prison in 1990. Mandela was also given a villa at Steyn’s Shambala Private Game Reserve in the Waterberg Mountains. 

“Mr. Mandela counted Steyn as one of his most valued friends, and Steyn referred to ‘Madiba’ as a father figure,” the statement said.

Steyn City

The entrepreneur also made headlines when he developed the Steyn City estate

In addition to a small city centre and luxury homes, the estate also has a luxury hotel.

“Steyn City has been acknowledged as an outstanding success, a fitting legacy for its pioneering and remarkable founder.”

His companies said the development of the estate led to 28 000 jobs being created.

“In the majority of these positions, residents from the neighbouring communities of Diepsloot and Cosmo City were employed.”

In 2020, the billionaire pledged R320 million to aid South Africa’s Covid-19 relief efforts.

Steyn is survived by his wife, Carolyn, his three children and their families.

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