Patrice Motsepe has just added more to his $3.1 billion net worth.
According to Business Insider, South Africa’s richest Black man — and one of the world’s Black billionaires — has just purchased a wine farm.
The outlet reports that the luxury wine farm is called Hidden Valley, and it’s located in Stellenbosch and Somerset, South Africa.
“The sale, which was recently announced, includes the purchase of a 28-hectare farm listed for sale at R160 million but was acquired for between R100 million ($5.5 million) and R120 million ($7.9 million) in cash,” confirms Business Insider. “The mining tycoon reportedly paid more for the property than former owner Riaan Stassen did in 2015 when the property was first purchased.”
While it’s unclear why Patrice Motsepe decided to purchase this vineyard, what’s clear is that experts believe it will encourage tourism in 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 said to the outlet while adding that the vineyard is located in a very desirable area, which makes it even more attractive to tourists.
Patrice Motsepe: What is his net worth?
As AfroTech previously reported, Patrice Motsepe is one of the world’s Black billionaires and the richest Black man in South Africa. He has a net worth of $3.1 billion thanks to his investment in African Rainbow Minerals. In 2008, he became the first African billionaire to make the Forbes list. Most recently he became the continent’s new president of the Confederation of African Football (CAF), according to Forbes.