Richard Branson is about to become the new owner of the centuries-old Mont Rochelle Hotel & Vineyard in Franschhoek, South Africa

The stunning hilltop property, which includes nearly 100 acres of wine grapes, has a history dating back to 1688 and is conveniently located about an hour outside of Cape Town. 

"I'm thrilled to be able to announce that we are in the process of purchasing Mont Rochelle and what I'm sure will be a'must visit' winelands experience in South Africa and a fantastic addition to the Virgin Limited Edition portfolio," Branson said in a statement.

After the change of ownership, Branson's Virgin Limited will temporarily shutter the hotel to make improvements, with a planned reopening for August 2014. 

The addition of Mont Rochelle expands what's already an eclectic and luxurious portfolio for the Virgin Limited brand; including include Necker Island in the Caribbean's British Virgin Islands, Ulusaba Private Game Reserve in South Africa, The Roof Gardens and Babylon Restaurant in London; Kasbah Tamadot in Morocco, The Lodge in Verbier, Necker Belle , a 105 foot luxury catamaran and Necker Nymph, a three man aero submarine and Mahali Mzuri, a tented safari camp in Kenya.

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