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Kyalami track for no-reserve auction

2014-06-04 13:53

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. Image: AFP/ LEHTIKUVA

CAPE TOWN - South Africa’s world-famous Kyalami race track will be auctioned without reserve on July 24 2014.

The High Street Auction Co., responsible for the sale, claims it will be the largest no-reserve auction in the history of South Africa. It will also be the first race-track to be auctioned.

“If you’ve ever wanted to own a race track, make sure you come to this sale," says Joff Van Reenen, director and lead auctioneer. He doesn't mention that the bomas have been gutted by thieves...

PRICE? IMPOSSIBLE TO COMPUTE

Lance Chalwin-Milton, also of High Street Auctions, said the lack of a reserve meant the property would definitely go on the sale day.

Chalwin-Milton addeed: "The auction value of the property is impossible to predict as it is an absolute auction with no reserve, so selling on the day is guaranteed for the liquidators."

A number of inquiries have been received, the auctioneer says, from America, London and Europe. Its future is uncertain: will a buyer redevelop the track for racing or sub-divide it for residential and office properties.

The track is what used to be Bothasfontein farm in Midrand, between Pretoria and Johannesburg. It is in the centre of a burgeoning residential and commercial suburb - though severe traffic problems are causing problems there.

Motorsport SA recently vacated its offices at the track because staff were spending hours in traffic snarls.

The Kyalami property covers approximately 35 ha. It opened as a race track in 1961 and was rebuilt in the early 1990's as part of a commercial development and changed again after F1 abandoned the rebuilt circuit in 1993.

One of the most famous races held at Kyalami was the 1977 South African Formula 1 GP in which race marshal Frederick Jansen van Vuuren and driver Tom Pryce were killed.

The most recent major event was a World Superbike race in 2010.

Auction details
Date: July 24 2014
Venue: Summer Place, 69 Melville Roadd, Hyde Park
Time: Noon
Reserve price: None
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Read more on:    south africa  |  auction

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