By Timothy Twidle

The Pine Lake Marina holiday resort on the shores of the Swartvlei in Sedgefield has been sold on auction for R118-million.

Philip Vermeulen, acting on behalf of a consortium of investors, made the final bid as the resort went under the hammer on Saturday.

The resort was sold as a going concern, inclusive of all moveable assets, and the transfer will be registered on February 1, 2010.

More than 200 people crammed into the lounge and adjoining areas of the Pine Lake Marina clubhouse for the auction.

Eight bidders slugged it out under the hand of Louis van Rensburg, of Vanrensburg‘s Auctions in George. Bidding began at R60-million and went up in increments of R2,5-million until R90-million, whereafter successive bids increased by R1-million a time.

Vermeulen, who represents Ballabarn Three Limited, an investment company registered in the Isle of Man in the United Kingdom, said: “The price was high but it is a unique property and we are happy with the result.

“There are no definite plans as to the future. We will examine various possibilities and keep our options open. At this stage it is likely that it will continue to be a holiday resort.”

John Hume, who bought it in 1986 when it comprised 41 units and a caravan park, said: “In February, (the resort) was awarded Gold Crown Status by RCI International, which added to its value. The auction realised a good price and I am happy with the outcome.”

The 9,3 hectare resort has 185 units, an administration block, staff housing, clubhouse, four swimming pools, tennis courts, games rooms, squash court, putt-putt course, restaurant, laundry, salon, shop and water sports facilities.

Source: The Herald