Kyalami Racetrack, located in Midrand, South Africa went under the hammer today as the liquidated property was auctioned off by High Street Auctions in Hyde Park. The winning bid in the under 5 minute auction went to Toby Venter, CEO of Porsche South Africa, for a sum of R205 million ($20 million).
According to reporters on scene at the auction, there were a total of 10 bidders, who each paid a R4 million rand deposit to take part in the auction. Of these, 7 were believed to be motorsport enthusiasts intent on saving Kyalami whilst the remaining 3 were property developers.
Porsche South Africa have confirmed that the racetrack will continue to operate as a race circuit. Their future plans, are however uncertain, however we are hoping for a bit of a clean-up and a bid to regain a Formula 1 race on home turf.
Further good news is that for as long as Mr. Venter is in charge of Porsche SA, the property is unlikely to be sold to developers. The Kyalami area is a hub for equestrian activities, including being home to theKyalamiEquestrianPark– one ofSouth Africa’s top show venues. In recent times there has been massive resistance to the encroachment of developments into the area, however as Toby has a vested interest in the equestrian activities in the area, the land looks to remain safe for some time.
Today, regardless of whether you call a 911 a Beetle or not, we all stand and salute Toby Venter and Porsche South Africa. Love live the home of South African motorsport!