ape Town – The Quoin Rock wine estate in Stellenbosch is no longer worth buying, because any new owner would become embroiled in legal battles that could lead to them losing the estate, former owner Dave King said.
Billionaire businesswoman Wendy Appelbaum, who had tried to buy the estate for R60m, told the paper that she was no longer likely to buy the dilapidated 194 hectare estate.
“I really haven’t decided whether I am going to make an offer yet. It may be too difficult to resurrect Quoin Rock and restore it to its former glory,” Appelbaum was quoted as saying.
There is no new auction on the cards, but liquidators have asked for any offers to buy Quoin Rock to reach them by August 15 in an attempt to recover some of the R2.7bn tax the SA Revenue Service (Sars) claims is owed to it.
King reportedly disputed the claims and is currently in a legal wrangle with Sars.
King, who is also the executive chairperson of Micro Mega Holdings, has blamed Sars for “destroying Quoin Rock and destroying its employees’ livelihoods”, since they had not been paid in years, the report said.