Cape Town – South Africa’s first black billionaire, Patrice Motsepe, has reportedly bought a luxury wine farm worth millions of rands within the wine regions of the Western Cape.
According to City Press, the sale, which was recently announced, includes the purchase of a 28-hectare farm initially listed for sale at R160 million but was acquired for between R100 million and R120 million in cash.
Motsepe reportedly paid more for the property than former owner Riaan Stassen – founder of Capitec – did in 2015 when the property was first purchased.
Experts in the wine industry believe that Motsepe’s latest acquisition is good news for the wine industry as his influence will make it easier to promote the wine segment to collectors and wine enthusiasts.
“This will be good in terms of advertising the brand and making it more attractive to other markets,” BusinessInsider quoted Wines of South Africa Communications Manager Maryna Calow as saying.
She said it would also help grow the country’s tourism.
Startup Mag reports that the farm’s vineyards, situated on the northern slopes of the Helderberg Mountains in Stellenbosch, are planted on ancient, decomposed granite soils, consisting of deep fertile Oakleaf and Tukulu profiles. The soil and the fact that it is 269m above sea level, together with the cool sea breeze, results in a very unique and extremely sought after terroir.
Motsepe is among the top ten of Africa’s richest men, with a net worth over $3 billion, according to Forbes.
Picture: Getty Images
Compiled by Odwa Shumi