Porsche South Africa - Highest bidder of Kyalami

The Kyalami Racetrack has been sold for R205million to Porsche South Africa, who intend to preserve the property as a racetrack.

Yesterday saw South Africa’s first racetrack auction with the highest value received for High Street Auction Co, according to Joff Van Reenen, the lead auctioneer. The auction was held at Summer Place in Johannesburg.

Seven bidders were registered for the property, depositing a refundable R4million for participation in the auction.

As well as the racetrack being retained, the name will also remain to be Kyalami Racetrack. Van Reenen has also claimed to be pleased with the purchase price.

600 to 800 participants were anticipated for the auction.

Kyalami track under auction

Kyalami racetrack, host to Formula One Grand Prix races for almost twenty years, is to be sold and may be given to motorsport, according to auction organisers today. 

A minimum price of 200million rand ($19million) has been set for the celebrated circuit upon 72 hectares of land within a rapidly developing region, North of Johannesburg, as claimed by a representative of the High Street Auction Company. 

It is said if a developer is to purchase the track, the nature of the Kyalami property would be expected to vary quite considerably, with the possibility of there no longer being a track. 

However, some potential buyers were looking at the possibility of keeping the track whilst developing its surroundings.