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SBD Global/July 24, 2014/Facilities

South Africa's Kyalami Racetrack To Be Auctioned Thursday, Reserve Price Set At $19M

South Africa's Kyalami racetrack, where F1 drivers such as Michael Schumacher and Ayrton Senna competed in Grand Prix races, "may fetch more than" $18.8M in a July 24 auction, according to Rene Vollgraaff of BLOOMBERG. Johannesburg-based The High Street Auction Co. co-Managing Dir Lance Chalwin-Milton said that's the "reserve price set by a Johannesburg court for the property, which is being sold because the owner, Farm Bothasfontein (Pty) Ltd., is in liquidation." Chalwin-Milton said, "There is a possibility that a developer will buy it." While Kyalami last hosted a Grand Prix in '93, the local motorsport body "wants the circuit to remain intact instead of becoming a real estate development." Motorsport South Africa spokesperson Jaco Deysel said, "Kyalami remains an iconic name around the world. Motorsport South Africa, therefore, hopes that the circuit finds the right buyer, with an agenda of restoring it to its former glory" (BLOOMBERG, 7/22). The AFP reported Chalwin-Milton said, "If a developer buys it, obviously it will change the nature of Kyalami quite considerably, because there will probably no longer be a track." He added that some "prospective buyers were however looking at the possibility of keeping the track while developing around it." The circuit hosted its last int'l competition in May '10 with the "sixth race of the World Superbike Championship" (AFP, 7/23).
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