Race track auction draws near
JOBURG - The auction of the iconic Kyalami race track property is expected to go ahead after last-ditch attempts to have it stopped have failed.
It was reported these attempts have either been abandoned or waived by the applicants, paving the way for the auction to go ahead.
The highly-anticipated auction will take place at Summer Place in Hyde Park on 24 July at 12pm.
After initially having no reserve price, a revised reserve price of R200 million has been set. This places the auction in a position to become the highest price for a property in liquidation history.
Reportedly, Lance Chalwin-Milton, joint managing director at High Street Auctions, said the planned auction would take place without any further legal complications.
“We have just been advised by the attorneys representing the liquidators of the Farm Bothasfontein, better known as Kyalami, that the advertised auction of Kyalami scheduled for 24 July 2014 has been confirmed,” he said.
Milton added that interest in the 72-hectare property, including the iconic race track, was big both locally and internationally.
The Kyalami race track, one of the most well-known tracks in the country, was host to a variety of sports events including the prestigious Formula One and A1 Grand Prix.
