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Controversial property back on the market

The property which was at the centre of the Auction Alliance scandal earlier this year, Quoin Rock Wine Estate, is back on the market.

The South African Revenue Service (SARS) and liquidators are attempting to sell the property a second time around.

The property was originally sold in December last year to business woman Wendy Appelbaum, with her winning bid of R55 million. The sale was later disputed by Appelbaum when she believed that she was in fact the only legitimate bidder.

The Stellenbosch property’s estimated value is between R60 million and R80 million and is set to be sold by tender at the end of this month.

Submissions from potential buyers have been invited in a newspaper advertisement by the court-appointed joint liquidators, Cloete Murray, Normal Klein and Elizabeth Margaret Edwards
The closing date for submissions by potential buyers is August 15.

Viewing of the property is to be by appointment only, the advertisement says.

SARS spokesman Adrian Lackay said the Quoin Rock Wine Estate had been attached as part of the revenue office's efforts to recover R47m owed in VAT by the farm.

He said the sale of the wine estate would be handled like a tender process.

"We will accept offers," Lackay said.

"By the end of August, all tender submissions will have been evaluated and a successful bidder will be appointed."

(Cape Times)



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