Porsche South Africa forks out R205m for Kyalami

2014-07-24 14:29

R205 million is all you needed to become the owner of South Africa’s most famous racetrack.

Porsche South Africa fought off more than a handful of monied people armed with their cheque books at an auction today.

More than 300 people gathered at Summer Place in Hyde Park, Joburg, to bid on Kyalami and other properties.

The racetrack, in the affluent suburbs of Midrand, north of Joburg, has played host to Grand Prix races and world championships.

All interested buyers had to pay a refundable R4 million deposit to be eligible to bid.

The once world-class racetrack was auctioned after the circuit’s holding company, Farm Bothasfontein, was liquidated earlier this year.

When news of the liquidation became known, 11 applicants filed papers with the high court, claiming they had rights to the property and that the auction should be stopped.

They subsequently abandoned the action.

Today, the racetrack received the lion’s share of the attention at an auction that saw 25 properties selling for a total of more than a quarter of a billion rand.

Porsche South Africa is yet to say what it will do with the property.

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