Photo Credit: Noam Galai
South Africa’s First Black Billionaire Just Purchased A Luxury Wine Farm In Stellenbosch
The first Black billionaire in South Africa is stepping into the wine industry. Patrice Motsepe, who is worth an estimated $3 billion, has purchased a luxury wine farm called Hidden Valley near Stellenbosch and Somerset.
It’s a smart move for Motsepe, who is revered as a “serial investor” in South Africa. He is the owner of the South African soccer club Mamelodi Sundowns and a major shareholder in the country’s most successful rugby team, The Bulls.
Motsepe, the first Black African to be listed on the Forbes list of billionaires, is now adding the wine industry to his portfolio at a time when the interest in South African wine is increasing. The country is reportedly the ninth-biggest wine producer in the world, producing 4% of the world’s wine.
Located in the Western Cape Province, Stellenbosch sits on the Eerste River Valley, bordering mountains on the east. It is one of the oldest settlements in South Africa after Cape Town.
In the region, the crops may be smaller compared to other regions, but the quality of grapes grown results in great wines with good aging potential, according to a report from Wine Industry Advisor.
What makes the vineyards particularly unique is that they are situated on the northern slopes of the Helderberg Mountains. The land sits nearly 270 above sea level, making the soil top-notch for winemaking and desirable among investors, Startup Mag reports.
Experts are excited about Motsepe’s investment and the potential it has to attract more people to the area.
“This will be good in terms of advertising the brand and making it more attractive to other markets,” Wines of South Africa Communications Manager Maryna Calow told News24. “This could build strong relationships between Gauteng and Stellenbosch. It will also grow the tourism industry in that area.”
The good news is that you don’t have to wait for the Black billionaire to open his winery to enjoy wine in the region. Check out our list of Black-owned wineries you can check out in South Africa by clicking here.