Porsche SA now owns Kyalami



24-07-2014
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News24
Source

JOHANNESBURG, Gauteng - The world-famous Kyalami racetrack has been sold for R205-million at the High Street Auction to Porsche South Africa and its MD Toby Venter.

Porsche South Africa spokesperson Christo Kruger told Wheels24 moments are the gavel fell: "Yes, Toby Venter's Porsche South Africa has bought Kyalami."

Venter paid R205-million for the encumbrance-free land - and the race track.

Kyalami race track was auctioned with a R200-million reserve on Thursday (July 24 2014).

According to Motoring journalist and motorsport enthusiast Roger McCleery, who was at the auction, there were 10 bidders -seven motorsport-related people and three property developers.

R4-MILLION DEPOSIT

McCleery said: "Kyalami bidders had to put down R4-million to be able to bid. A revised reserve price of R200-million had been set."

The High Street Auction Co, responsible for the sale, claimed it was the first race track to be auctioned in South Africa.

Earlier in July Wheelsa24 reported that attempts to halt the action were in vain when a court gave the go-ahead for the sale. According to court papers, 11 applicants who claimed rights over the land applied to have the auction halted.

In terms of the court ruling these "claims and onerous obligations" were either waived by agreement or abandoned.

The Kyalami property covers about 35ha. It opened as a race track in 1961 and was rebuilt in the early 1990's as part of a commercial development but changed again after Forrmula 1 abandoned the rebuilt circuit in 1993.

One of the most famous races held at Kyalami was the 1977 South African Formula 1 GP in which race marshal Frederick Jansen van Vuuren and driver Tom Pryce were killed.

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