Despite a few setbacks, which included 11 applicants trying to have the process halted, the Kyalami racetrack in Midrand, Gauteng, will be auctioned on Thursday 24 July by High Street Auctions.
According to court papers eleven applicants, who contended that they had certain rights in and to the Kyalami Race Track, applied to have the auction halted. In terms of the court ruling released on 15th July 2014 these claims and onerous obligations were either waived by agreement or abandoned allowing for the public auction to proceed unhindered.
“We have just been advised by the attorneys representing the liquidators of the Farm Bothasfontein, better known as Kyalami, that the advertised auction of Kyalami scheduled for 24 July 2014 has been confirmed with the additional advantage of the removal of several encumbrances.” says Lance Chalwin-Milton, joint managing director of High Street Auctions.
Salient rulings of the court order include, inter alia:
· The public auction of Kyalami will proceed as planned at 12:00 on 24 July 2014 at Summer Place in Hyde Park, Johannesburg;
· A revised reserve price of R200 million has been set;
· At least five court applications affecting the property involving “Lease action”, “Eviction action”, “Pre-emptive right applications” and “Action for fruits and damages for unlawful holding over” have been withdrawn, settled or abandoned;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.
Apparently, High Steet Auctions have received significant domestic and international interest in the 72 Hectare property featuring the iconic circuit – widely regarded as the home of South African motorsport.
Due to the interest that has been garnered and the large number of registered (auction) bidders for the property they believe that the increased reserve price of R200 million will be achieved.
