Dave King sees Wendy Appelbaum snap up his estate

Posted On Monday, 12 December 2011 02:00 Published by eProp Commercial Property News
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The wine estate of businessman Dave King was auctioned off this weekend for R60.5 million and bought by Wendy Appelbaum daughter of Liberty Life founder and property magnate Donald Gordon.

 

Donald GordonHeld on Saturday, Appelbaum beat many local and international business people, including King himself, to clinch the estate called Quoin Rock Winery.

Auctioneer Rael Levitt described the 194-hectare estate as being set against the dramatic backdrop of the Simonsberg Mountains and consisted of the finest vineyards in the world-renowned Stellenbosch winelands.

The auction was conducted on behalf of the SA Revenue Service that has had a long running dispute with King.

The taxman claimed that King owed R900 million and that Ben Nevis Holdings, a company owned by Glencoe Trust, of which King was a beneficiary, has tax arrears of R2.7 billion.

Quoin Rock Winery, was alleged to owe the taxman about R47.3-million.

In June the sheriff attached the movable assets of the winery after the receiver certified it's indebtedness in the Pretoria High Court.

Quoin Rock Winery estate included a helipad, an underground cave that housed functions for leading Stellenbosch business people and luminaries, a spectacular homestead and a state-of-the-art wine cellar imported from Italy.

Levitt described the bidding as "spirited" especially for the moveable assets, which included 18th century antiques, artworks by South African painters Irma Stern, Otto Klar and David Botha, two collections of wine from SA and abroad, and a number of valuable carpets including one that allegedly belonged to King George V as per insignia stitched inside.

Appelbaum already owns another wine estate in Stellenbosch.

Last modified on Saturday, 07 June 2014 13:41

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