Race track sold for R205-million
JOBURG - In what has been hailed as the highest sale in auction history in South Africa, the Kyalami race track property was sold for R205 million to Porsche South Africa.
UPDATE: 24 July, 4.30pm:
The record-breaking sale took place at Summer Place in Hyde Park and has generated much interest locally and internationally.
Lance Chalwin-Milton, managing director at High Street Auction & Co, hailed the sale to Porsche as a victory for the track, as this would mean that it retained its status.
“Kyalami will remain a race track and will still be known as Kyalami, even though the surrounding area may be developed into something else,” he said.
Chalwin-Milton added the sale was the highest made by High Street, surpassing that of a property in Knysna for R150 million.
Christo Kruger, public relations manager at Porshe SA, said the car manufacturing giant will preserve the race track and ensure that it remains as it is.
“We strongly feel that the race track is a part of the country’s national heritage and want to preserve that,” he said.
Kruger added that Porshe decided to pursue the coveted property because Toby Venter, Porshe chief executive officer, is passionate about motoring and had fond memories of the iconic race track.
Porshe will announce future plans for the race track and surrounding property once the sale of the property is completed, Kruger said.
Seven bidders had expressed interest in the property but ultimately Porshe emerged victorious.
Chalwin-Milton said that despite being the most successful sale made, High Street had hoped for a higher price for the property, which has hosted renowned races such as the Formula One and the A1 Grand Prix.
There were 24 other lots up for auction, with lot 11 selling second best to the Kyalami auction, netting just over R11 million.
24 July, 2pm:
Kyalami Race Track has been sold for R205 million, reportedly to Porsche, via the telephone at an auction by High Street Auctions at Summer Place in Illovo on 24 July.
The sale had a set reserve price of R200 million for the 72ha property which includes the race track.
The room in which the auction took place was packed to capacity and the auction of the race track was the last of 25 lots.
The auction of the race track took place at 1.45pm and was closed in a matter of minutes.
Before the auction, it was reported that 11 applicants tried to have the auction stopped, claiming that they had rights to the property, however the High Court of South Africa ruled that the claims should be abandoned. The auction then went unhindered.
