Porsche South Africa has purchased the Kyalami Formula One Grand Prix racetrack near Johannesburg for US$19.5 million.

According to a report in Bloomberg, the sale was agreed in less than 60 seconds at an auction in Johannesburg on Thursday.

The report states Porsche South Africa is an independent importer rather than a part of the Volkswagen-owned sports car brand.

The 4.26km track hosted the South African Formula One Grand Prix up until 1993 and was available for auction due to the liquidation of former owners Farm Bothasfontein Ltd.

The track reportedly attracted attention from property developers but it is understood Porsche South Africa will retain the track.

“Porsche South Africa was the successful bidder,” Lance Chalwin-Milton, the joint managing director of The High Street Auction Co, told reporters in Johannesburg. “They are going to keep it as a track. I believe they are going to develop around the track, which will then enhance the value for the owners.