Porsche South Africa was the highest bidder on Kyalami racetrack which went under the hammer on 25 July, at the High Street Auctions event, for a record R 205 million.
A reserve price of R200,000,000 was set for the sale of the landmark property at Summer Place in Hyde Park, which was filled with media, camera’s and interested buyers; both local and international. The reserve price was increased while all encumbrances associated with the property purchase were removed. “This development allows the new owners of Kyalami to develop the property as they see fit” says Lance Chalwin-Milton joint MD of High Street Auctions “which led to increased interest and new registered bidders for the iconic Kyalami property”.
The job of selling the iconic landmark was left to High Street Auctions, one of South Africa’s premier property auction houses. The auction itself was conducted by renowned lead auctioneer Joff Van Reenen.
“This is the first race track sold on auction, in South Africa,” enthuses Joff, Director of High Street Auctions “And we broke all the property auction records here today”.
In that a leader in the South African motor industry is the highest bidder, it is anticipated that the racetrack will be retained.