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Porsche Buys South Africa’s Kyalami F1 Grand Prix Racetrack

Porsche South Africa bought the Kyalami Formula One Grand Prix racetrack for 205 million rand ($19.5 million) at an auction in Johannesburg today.

“Porsche South Africa was the successful bidder,” Lance Chalwin-Milton, joint managing director of The High Street Auction Co., told reporters after the property was sold in less than 60 seconds of bidding. “They are going to keep it as a track. I believe they are going to develop around the track, which will then enhance the value for the owners.”