Kyalami auction update
KYALAMI - History was made when Kyalami race track property was sold for R205 million to Porshe South Africa.
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 Porshe South Africa.
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.
Seven bidders had expressed interest in the property but ultimately Porshe emerged victorious.
Chalwin-Milton added 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.
