The bay, which overlooks Clifton First Beach, is situated on the roof of a luxury apartment complex on Victoria Road.
Estate agent John McDermott said the eye-watering price was not unusual for the area.
“Parking bay 93 was sold to a German who, 24 hours later, bought an apartment for R25 million in Stellenbosch.
“There are about 10 others who desperately want to buy a similar parking bay - and who are quite happy to pay the same price - which just proves the great demand in this affluent area of Cape Town for parking," he said.
"Many residents don't like having to leave their expensive cars in the road where some are deliberately scratched, which is very common. Or worse, having them stolen."
The parking bay does not include direct access to the beach.
“In a season people will pay R20 000 to rent a parking space. On average, R5 000 is spent a month on parking alone,” McDermott said.