Controversial preacher Walter Magaya faces a devastating financial double blow as his property heads to public auction over a debt to Getbucks Microfinance Bank, mere days after losing another case that ordered him to pay US$3 million (approximately R54 million) to an Israeli business partner.
The Prophetic Healing and Deliverance Ministries leader now confronts the potential loss of multiple properties as creditors close in on mounting debts totalling millions of dollars.
pattern for the PHD Ministries leader. Earlier in 2025, Planet Africa (Private) Limited entered voluntary corporate rescue proceedings to avoid collapse. Court records indicate that previous attempts to seize the Magayas’ movable assets have been blocked by interpleader claims filed by the Walter Magaya Family Trust and PHD Ministries.
In June 2025, Magaya secured a provisional stay of liquidation proceedings by paying US$180,000 toward the Getbucks debt and signing a deed of settlement for the remaining balance. However, the auction notice suggests this arrangement has collapsed or proved insufficient to satisfy creditors.
The preacher also faces separate legal troubles unrelated to his financial difficulties. He currently stands trial on four counts of rape involving adult congregants, with allegations spanning from 2016 to 2023.
Prospective bidders for the auctioned properties must pay a security deposit of US$5,000 (approximately R90,000) cash or through nostro, plus a non-refundable US$120 (approximately R2,160) for a special bidders card.
The sale shall be for USD cash or nostro, with the purchaser additionally responsible for auctioneer’s commission of 5 percent plus VAT, transfer costs including conveyancer’s charges and stamp duty, and all arrears rates.
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Mortgage refinance rates can create savings, but refinancing only makes sense when the long-term benefit is greater than the cost.
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