Appelbaum was the highest bidder for the Quoin Rock estate in Stellenbosch in December when her R55-million bid was too much for other registered bidders, including the likes of Shoprite Checkers CEO Whitey Basson.

But Appelbaum, who already owns a wine estate in Stellenbosch, claims she subsequently found out she was the only genuine bidder. She is now disputing the legality of the auction process.

In an e-mail to the Sunday Times she said she would be "more than happy to pay R55-million for Quoin Rock if the auction process had not been fundamentally flawed".

"I do not believe that the auction process complied with the Consumer Protection Act," Appelbaum said.

Rael Levitt of Auction Alliance said the estate was back on the market. He said Appelbaum had "questioned the auction procedure" and demanded to view video footage as well as see a full list of registered bidders.

Levitt said: "We got an indication from her that she wanted to pay less."

He dismissed as "utter nonsense" any suggestion that his auctioneers had conspired to inflate the purchase price.

"If truth be told, it is that the liquidators are saying the price was too low. That's why the sale didn't go through." He said the buildings alone were worth about R120-million.

The bitter dispute has become the talk of the winelands and has raised questions about the future of the Quoin Rock winery, based on the estate.

Appelbaum is the daughter of billionaire Donald Gordon, who now lives in the UK, and is one of the continent's richest women, according to Forbes magazine.

With her husband Hylton, she already owns DeMorgenzon, a Stellenbosch wine estate where soothing baroque music is piped to the vines.

Quoin Rock was attached in July by the SA Revenue Service, which has been embroiled in a fierce battle with King for more than a decade over an alleged R2.8-billion tax bill - both in his personal capacity and via a company owned by a trust of which he is a beneficiary.

SARS seized the estate after declaring it had failed to submit tax returns and owed R47-million.

King is reportedly unhappy about the auction and is trying to negotiate a private sale to raise a higher price.

SARS has targeted assets owned by companies linked to King including properties, a private jet which took him on global golf jaunts, and his art collection.

The 194ha Quoin Rock estate, initially valued at R120-million with assets worth another R30-million, boasts antique furniture, prized artworks and a gabled farmhouse looking onto the Simonsberg mountains.

Other attractions include a state-of-the-art wine cellar, chandeliers, Victorian baths, an underground entertainment area, guest cottages and a helipad.

The art collection includes signed prints by Irma Stern and paintings by Otto Klar and David Botha.