'Absolute' auction for Tiffindel resort

Posted On Monday, 18 June 2012 11:44 Published by
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South Africa’s only ski resort, Tiffindell Ski, will go under the hammer next month, on July 12th, at Summer Place in Hyde Park, Johannesburg. More surprisingly, this 101Ha piece of prime Eastern Cape real estate will be sold ‘lock stock and barrel’ in an absolute, or ‘no reserve’ auction, a development that will likely see hospitality companies, developers, investors and myriad others to wage a battle royal to acquire the once-flourishing winter wonderland.

During its controversial, bitter and much-publicised demise,which began in 2007 with a would-be sale gone sour and ended in October last year aftera draining but dramatic four year legal battle, international professional services giant, KPMG, were in 2009 appointed liquidators (masters reference G156/09), and now the resort will finally be sold to the highest bidder

 

According to Nick Pretorius, Sales Director at The High Street Auction Company, which along with Ndali Michael James Auctioneers will conduct the Tiffindell sale: "Although absolute auctions are extremely rare in the local auction industry, the decision was taken to hold one for Tiffindell because an absolute auction is the ‘Ultimate True Auction’ and the absence of a reserve price will ensure that the highest bid will determine the true market related value of the property".

“Absolute auctions are uncommon because there is no price protection on the seller’s behalf. However, the Liquidators and we agreed that because everyone has to participate in an absolute auction, a simple case of the highest bidder wins will generate the best possible price in current market conditions,” he explains.

The resort is situated deep in the Southern Drakensburg on a farm near the picture postcard hamlet of Rhodes in the Eastern Cape, and it is cradled in the shadow of the majestic Ben McDhui Peak. The potential for further development of the property is both obvious and enormous, and so it would seem that the battlefor Tiffindell might be over, but the bidding war is about to begin.

Last modified on Monday, 18 June 2012 12:00

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