Kyalami Race Track goes on auction today

The Kyalami Race Track where greats like Michael Schumacher and Ayrton Senna competed in the past is going on auction today (24 July 2014)

It has been reported that the auction price might reach R200 million, which is the reserve price ordered by the courts as the owners Farm Bothasfontein (Pty) Ltd is in liquidation. Lance Chalwin-Milton, joint managing director of The High Street Auction Co. in Johannesburg, has told reporters at Bloomberg that between 600  and 800 people, including property developers, will probably attend the public sale.

“There is a possibility that a developer will buy it,” Chalwin-Milton said. “We’ve had interest from both groups, from people that are wanting to develop it and people who want to keep the track as a track.”

The 72-hectare property north of Johannesburg features a 4.26-kilometer racetrack where former world champion Jody Scheckter won the Formula One South African Grand Prix on home ground in 1975 in a Tyrrell-Ford.

Even though Kyalami last hosted a Grand Prix race in 1993, South Africa’s motorsport body would want the race track to remain intact instead of becoming a real estate development.

With average homes in the area of Kyalami selling for as much as R5.5 million, the racetrack is prime land for residential or commercial property developers, Beulah Thomas, owner of estate agency Harcourts franchise in Midrand told Bloomberg.

“In this vicinity I would say it’s about the last available piece of land of this size, apart from Leeuwkop Prison,” Thomas, who has 28 years of experience in the property market in the Kyalami area, said by phone yesterday. “That is prime property.”

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