Dave King’s winery sold for R60.5m

12 Dec 2011

The Quoin Rock Winery and Manor Estate in the Western Cape owned by businessman Dave King was sold at an auction for R60.5 million on Saturday.

The Quoin Rock Winery and Manor Estate in the Western Cape owned by businessman Dave King was sold at an auction for R60.5 million on Saturday. The value of the stock and moveable assets of the farm are valued at an estimated R30 million while the property itself is estimated to be worth R120 million.

The value of the stock and moveable assets of the farm are valued at an estimated R30 million while the property itself is estimated to be worth R120 million.

Well-known businesswoman, philanthropist and owner of a wine estate in Stellenbosch bought the winery.

Auction Alliance says this was one of the highest value liquidations to has ever been held in the Western Cape and the highlight of the auction calendar for 2011.

Set against the backdrop of the Simonsberg Mountains, Quoin Rock Wine & Manor Estate is spread across 194 hectares of the finest vineyards in the world renowned Stellenbosch winelands.

It has produced wines including the famous Quoin Rock, Glenhurst and Gary Player Red wine ranges.

The estate features a homestead, helipad, an underground cave which housed functions for leading Stellenbosch business people and luminaries and a state-of-the-art imported Italian wine cellar.

There was spirited bidding for the moveable assets which were sold separately.

They included 18thcentury antiques, artworks by Irma Stern, Otto Klar and David Botha, two extremely discerning collections of wine from South Africa and abroad and a number of valuable carpets including one allegedly belonging to King George V as per insignia stitched inside. 

King represented the company Ben Nevis in South Africa which has tax arrears of R2.7 billion.

The estate features a homestead, helipad, an underground cave which housed functions for leading Stellenbosch businesspeople and luminaries and a state-of-the-art imported Italian wine cellar.

Rael Levitt, chief executive officer of Auction Alliance says properties of this class might appear on the market once every 10 years.

“Given the background story to this particular property, this opportunity was more like once every 50 years.”

He adds that this was a fair price considering the economic climate and offered excellent value for the buyer.

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