South African richest billionaire and President of the Confederation of African Football, Patrice Motsepe has spent over $5m on purchasing a luxury wine farm.
The wine farm is called Hidden Valley and is located near Stellenbosch and Somerset, South Africa.
The sale was recently announced and includes the purchase of a 28-hectare farm listed for sale at R160 million. It was acquired for between R100 million ($5.5 million) and R120 million ($7.9 million) in cash, according to our source.
The property was first purchased by Riaan Stassen in 2015 and the mining tycoon paid more than the earlier purchase cost.
Speaking on the purchase, the Wines of South Africa Communications Manager Maryna Calow said,
“This will be good in terms of advertising the brand and making it more attractive to other markets”,
Continuing, Maryna said,
“This could build strong relationships between Gauteng and Stellenbosch. It will also grow the tourism industry in that area,”
The farm’s vineyard is planted on ancient, decomposed granite soils, consisting of deep fertile Oakleaf and Tukulu profiles.
It is 269m above sea level and a highly sought after property.
With a net worth of over $3 billion, Patrice Motsepe is the third richest South African, according to Forbes.
He made a bulk of his money from the mining industry.