Black Forbes Billionaire
Buys Stellenbosch Wine Estate
Mining tycoon Patrice Motsepe has acquired Hidden Valley in the famous South African wine region for more than US$5 million.
The first Black African to be on the Forbes billionaires list is making moves into the wine industry. Mining magnate Patrice Motsepe with an estimated worth of US$3 billion has bought the Hidden Valley wine estate near Stellenbosch.
According to the South African news agency News24, the sale includes a 28-hectare farm acquired for between R100 million (US$5.5 million) and R120 million (US$7.9 million) in cash.
Former owner Riaan Stassen had owned the estate since 2015. Around 5.7 hectares are planted with Shiraz and another 5.3 hectares with Cabernet Sauvignon, while 5.6 hectares are planted with Sauvignon Blanc.
Historically, Hidden Valley has produced Sauvignon Blanc, Viognier, Merlot, and even South African sparkling wine. Bottles sell online for about R135-220 Rand (US$8.90 to US$14.55).
Experts are excited about Motsepe’s investment, believing his influence will draw more people to the region and make it easier to promote South African wine to collectors and enthusiasts.
"This will be good for promoting the brand and making it more attractive to other markets," Maryna Calow, communications manager of Wines of South Africa, told News24.
"This could build strong relationships between Gauteng and Stellenbosch. It will also grow the tourism industry in the area."
The vineyards of Hidden Valley are located at an altitude of 269m above sea level on the northern slopes of the Helderberg Mountains in Stellenbosch. They are planted on granite soils consisting of deep, fertile Oakleaf and Tukulu profiles.
Motsepe ranks third on the list of South African billionaires. In 2013, he signed Bill Gates and Warren Buffett's Giving Pledge, promising to donate at least half of his fortune to charity.
It is unknown whether Hidden Valley winemaker Annalie van Dyk will remain at the winery after the takeover. Van Dyk has previously worked with Andy Erickson of Screaming Eagle in Napa as well as in France's Loire Valley.
