The farm that went for 2.5 million rand (Sh20 million), and other assets which have already been sold, were seized by investigators earlier this year after a probe into his financial affairs.
His tax bill from 2005 to 2011 was initially said to be worth 16 million rand (Sh133 million) and had been brought down to about seven million rand.
Malema, 31, had used the 140 hectare (346 acres) land in the northern province of Limpopo to grow vegetables.
It had several buildings including a four-bedroom house with a swimming pool, and a shed.
The outspoken leader, who was once a vocal supporter of President Jacob Zuma, was last year expelled from the ANC for ill discipline.
Malema, who is known for his extravagant lifestyle, is also facing charges of fraud and corruption for allegedly using his political clout to arrange lucrative government tenders for cronies in return for kickbacks.
He and four of his business associates are out on bail and due back in the Polokwane High Court on June 20.