Kyalami Race Track went on auction yesterday – with much speculation going around that it would land up in the hands of a property developer, thereby destroying South African motorsport history in the process. But it was Toby Venter of Porsche SA who snapped up the track for a cool R205 million, just R5 million more than the reserve price, much to the delight of local motorsport fans. Venter told Wheels24 that their intention is to “preserve Kyalami as a racetrack for as long as possible”.
The Kyalami circuit first opened in 1961 where it played host to the Rand Grand Prix – a round of the Springbok Series. In 1967 Kyalami hosted it’s first South African Grand Prix, where Mexican Pedro Rodriguez won after South African John Love nearly won but had fuel problems late into the race. The last Formula 1 car to drive the circuit in anger was in 1993, after which the costs of hosting the event became too onerous. MD
From SAPA
The liquidated Kyalami race track was bought by Porsche SA at auction for R205 million in Johannesburg on Thursday.
The auction, which lasted only around one minute and 50 seconds, fetched the highest price for a single lot in South African history. High Street Auction Company lead auctioneer Joff van Reenen said the opening bid of R200m was decided on by the bidders.
“I hope he meant 200 million, he held up two fingers,” he said.
Lot 25, the farm Bothasfontein, better known as Kyalami, is a 72 hectare property in Midrand. There was a R4m registration fee to participate in the auction, and this would be refunded to unsuccessful bidders. The auction company’s joint managing director Lance Chalwin-Milton said he could not comment on rumours that Richard Branson of Virgin was one of the other bidders for the race track.
He expressed satisfaction that the track would remain in the South African motorsport industry. A 15 percent deposit was required, but there would be no buyer’s commission on the deal. There was a palpable sense of anticipation in the packed hall before the auction started. Journalists and photographers on the sidelines jostled to get a view of the action, as those attending the auction chatted in their seats. Telephone bidders also called in from other provinces and overseas.
Auctioneer Van Reenen explained the rules of the auction, including that the bar would only open after all bidding was closed, in accordance with the law. Van Reenen, who has 20 years’ experience as an auctioneer, rattled off the bids, amplified throughout the hall, at such speed that it sounded as though he was speaking in tongues. The auction company previously said the Kyalami auction was the country’s first race track auction.
Last Thursday, Chalwin-Milton said in a statement the auction would go ahead, following a court application seeking to prevent it. Eleven applicants had contended they had certain rights to the Kyalami track, but these claims were either waived by agreement or abandoned. The court ordered that the auction could proceed, but the reserve price was revised to R200m from R129m. The track has hosted famous F1 drivers, including Nigel Mansell, Alain Prost, and Ayrton Senna.
Source : Sapa /mjs/jk/jj
