PROPERTY: Dave KingÂ’s Liquidated Quoin Rock Auction on Sale
Recent Gauteng Business News
The sale of the landmark estate, which belonged to businessman Dave King, is the highest value liquidation auction to have ever been held in the Western Cape, according to the auctioneers, Auction Alliance. Â“We have received instructions from joint liquidators Cloete Murray, Norman Klein and Elizabeth Edward. Quoin Rock will be sold as a going concern and will include all its equipment, furnishings, artwork, movable assets, wine stock, licenses and trademark rightsÂ” said Auction Alliance CEO, Rael Levitt.
The Estate and Winery befits a billionaireÂ’s choice of location and has been developed to a level where it seems that no expense was spared. With a helipad, an underground cave which housed functions for leading Stellenbosch businesspeople and luminaries, the estate includes a spectacular homestead and state of the art Italian-imported wine cellar. Â“The sale has already been attracting massive interest from leading South African businessmen as well as several foreign buyersÂ” explains Levitt. Â“We are not only selling one of the countryÂ’s most valuable farms, but Quoin Rock wines is a brand known internationallyÂ”, says Levitt.
Situated in the countryÂ’s most valuable agricultural real estate on the foothills of the Simonsberg Mountain, the 194 hectare property is part of the original Cape wine growing region within the world-renowned Stellenbosch area.
The Value of Quoin Rock
The liquidators have verified the value of the stock and moveable assets of the farm at an estimated R30million while the property itself is estimated to be worth R120 million. The sale includes antique pieces and artwork including pieces by Irma Stern, Otto Klar and David Botha which are liberally placed throughout the property. There is an extensive collection of late 18th Century antique furniture and French Provencal style Zigler carpets.
After being purchased in 1998, a vigorous replanting programme was implemented by King in 2000; and 39.94 hectares of registered virus-free vineyards, specifically matched to the terrior of the Estate, replaced the older vineyards. In addition, the farm has 17.6 ha of fallow land, 4.4 ha of fruit orchards, an olive grove extending over 1.92 ha and 120 ha of natural fynbos
The state-of-the-art wine cellar facility was designed from the ground up with top quality wine production in mind. Â“For instance, a 6000 litre tank is able to be hoisted to service all 4 levels of the cellar, thus ensuring that wine can be moved about via gravity instead of being exposed to the mechanical harshness of high pressure pumps. The winery is fully equipped with imported machinery and has produced the highly acclaimed Quoin Rock, Glenhurst and Gary Player range of winesÂ”, explains Levitt.
The History of Quoin Rock
King flattened the highest point on the farm and developed a Cape Dutch style masterpiece, where no expense has been spared in building an exact replica of a home typical of the Stellenbosch Valley. The homestead, with views which stretch all the way to Table Mountain, is built in a U shape, and features 5 suites arranged around a large central courtyard and pool. Classic features such as chandeliers, sash windows and Victorian baths are fused with modern amenities and custom fittings to create an unrivalled sense of timeless luxury.
Near the helipad, additional luxury accommodation is provided by 4 spacious private guest cottages which enjoy spectacular views over the vineyard to Table Mountain in the distance.
King invested heavily in infrastructure on the farm which now boasts a secure perimeter, separate houses for the General Manager and Winemaker, and ample water provision via an irrigation scheme, 3 boreholes and 2 catchment dams.
Dave King was reported to have earned over R1 billion in profits by quietly selling his shares of his now defunct company, Specialised Outsourcing. The price quickly plummeted once it became public knowledge that he had sold off most of his shares. The auction is expected to attract huge interest from investors and the press, both locally and abroad, who have been following this story closely.
The auction will take place at the Quoin Rock Winery, Knorhoek Road, on December 10 at 11h00.
Ismail Hendricks from Auction Alliance, who has been inundated with telephone calls from around the world, comments, Â“No expense was spared and significant investment has gone into the design, infrastructure and buildings. The setting will simply take your breath away and buyers are chomping at the bit to get their hands on this Cape icon. Quoin Rock, will be an exhilarating auction.Â”
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