An absolute auction with no reserve
Lance Chalwin-Milton, Joint Managing Director of High Street Auctions, says the fact that there will be no reserve price means the property will definitely be sold on the day.
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 and High Street Auctions, says Chalwin-Milton.
"The High Street Auction Co. was only instructed by the liquidators last week, but we have already received quite a number of enquiries from America, London and Europe," says Joff Van Reenen, Director and Lead Auctioneer.
"High Street Auctions will be targeting two kinds of buyers over the next two months," says Chalwin-Milton. "Investors who will be looking at the development rights of the track itself, and buyers who are interested in owning a race track trophy."
The Kyalami Race Track is situated on a farm at a prime location in Midrand, north of Johannesburg. It is in the centre of a burgeoning residential and commercial suburb, which means local investors could be interested in the sale for business development, which may bring the track's racing days to an end.
The property covers approximately 72 hectares, and world famous drivers, including Nigel Mansell, Alain Prost and Ayrton Senna, mastered the circuit of 4,26km and a total of 13 turns, over the years.
The circuit first opened in 1961, but political sanctions caused the shutdown of the Grand Prix following the 1985 race. It was rebuilt in the early 1990s as part of a commercial development and changed again after Formula One abandoned the rebuilt circuit in 1993.
One of the most famous races held at Kyalami was the 1977 South African Grand Prix, remembered for the fatal accident that claimed the lives of race marshal Frederick Jansen van Vuuren and driver Tom Pryce. The most recent event was the Superbike Championship in 2010.
