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Court green-lights Kyalami auction

2014-07-17 13:18

END OF A RACING ERA: French Formula 1 driver Alain Prost steers his car during the South African Formula 1 Grand Prix at Kyalami on October 15 1983. The famous circuit will be auctioned on July 24 2014. Image: AFP/ LEHTIKUVA

JOHANNESBURG, Gauteng - A court has ruled that the auctioning of Bothasfontein Farm - better known as the Kyalami racetrack - can go ahead on July 24 2014.

Lance Chalwin-Milton, joint MD of the auction house dealing with the sales, told Wheels24 in an email: “We have just been advised by the attorneys representing the liquidators that the auction of Kyalami has been confirmed with the additional advantage of the removal of several encumbrances."

MOVE TO HALT THE AUCTION

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.

Salient rulings of the court order include, among others:

• The auction will proceed at noon on July 24 2014 in Johannesburg.
• A revised reserve price of R200-million has been set.
• At least five court applications affecting the property have been withdrawn, settled or abandoned.
• The alleged third-party development rights, rights to purchase, right to income stream, right to occupy and any other steps that would have the effect of frustrating the property from being transferred or the purchaser obtaining vacant and unfettered possession were irrevocably waived and abandoned.

'WE CAN PROCEED WITH CONFIDENCE'

Chalwin-Milton said: “We are extremely pleased with these developments as it provides us with an unencumbered asset for sale resulting in a significant upside to the new investors in Kyalami who may be interested in continuing to operate this valuable racing circuit or further development of the property.

"Now that the uncertainty surrounding the terms of purchase has been dealt with we can proceed with confidence.”

High Steet Auctions says it has significant domestic and international interest in the 72ha property featuring the iconic SA race track. It's believed the reserve price will be met from one of "a large number of registered (auction) bidders".
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