It is a fact that business-minded people are penny-wise. They seek profitable acquisitions that will increase their net worth. South Africa’s first black billionaire, Patrice Motsepe, is not an exception, as he acquired a luxury wine farm to his wealth. The vineyard is located in Stellenbosch and Somerset, South Africa and is called Hidden Valley.
The 28-hectares wine farm was listed for $10 million (R160 million), but he bought it between $5.5 million (R100 million) and $7.5 million (R120 million) in cash. This is, however, more than the price the previous owner, Riaan Stassen, purchased the property in 2015. The vines are located on old, decayed granite soils with deep rich Oakleaf and Tukulu profiles on the northern slopes of the Helderberg Mountains near Stellenbosch.
According to experts, Patrice Motsepe’s acquisition of the wine farm is good news as his status in the African society will help promote the industry. Maryna Calow, the manager of Wines of South Africa Communications, “This will be good in terms of advertising the brand and making it more attractive to other markets. This could build strong relationships between Gauteng and Stellenbosch. It will also grow the tourism industry in that area”.
Patrice Motsepe – South Africa’s first black billionaire
According to Forbes 2022 list, he is the 9th richest man in Africa, worth $3.1 billion. Patrice Motsepe gained his fortune in the mining sector through the firm he started in 1994 named Future Mining. He later launched ARMgold in 1997 and incorporated it with Harmony Gold Mining Limited in 2003 and renamed African Rainbow Minerals (ARM).
He is truly a serial investor, with investments in sports, especially football and rugby. He is the owner and founder of Mamelodi Sundowns, a South African football team. He is also a significant joint stakeholder in the Pretoria-based Bulls, now South Africa’s most successful rugby side for which he holds 37% stake.
The mining billionaire became the first African to join Bill Gates’ and Warren Buffett’s Giving Pledge, donating at least half of his money to charity in 2013.