The multimillion-rand Saxonwold properties once owned by the notorious Gupta family have finally been sold, raking in a total of R34.5-million, including their luxury contents.
Auction house Park Village Auctions (PVA) announced on Tuesday that the business rescue practitioners (BRPs) have accepted and confirmed an offer for several houses domiciled at 3, 5, and 7 Saxonwold Drive in Sandton, Gauteng, along with the high-end furniture and appliances inside.
The buyer also acquired the property at number 7A Saxonwold Drive for an additional R6.5-million inclusive of commission and VAT.
The opulent three-storey estate at 5 Saxonwold Drive stands out among the sold properties.
Valued at R21.73-million, it features eight bedrooms, five en-suite bathrooms, an indoor pool, a rooftop patio, and staff quarters.
The City of Johannesburg collects R19 186.08 monthly in rates from the property. Earlier this year, it drew a R4-million bid during preliminary offers before the sale was finalised.
“These assets, formerly belonging to Confident Concept (Pty) Ltd, have now been confirmed as sold, with all securities in place,” said PVA’s Clive Lazarus.
“The BRPs will receive the funds according to the business rescue plan, meaning creditors can expect a welcome payday.”
State capture scandal
The sale forms part of a larger effort to dispose of Gupta-linked assets and recover funds for creditors.
To date, PVA has sold properties and goods from several companies tied to the family, including Islandsite Investments 180 (Pty) Ltd, Koornfontein Mines (Pty) Ltd, Optimum Coal Mine (Pty) Ltd, Optimum Coal Terminal (Pty) Ltd, The New Age Media (Pty) Ltd, and VR Laser Services (Pty) Ltd.
Lazarus said the outcome was a testament to the collaboration between PVA and the BRPs.
“This sale signifies how we, with the BRPs, will be relentless in reclaiming funds owed to creditors,” said Lazarus.
The Guptas, once politically connected power brokers in South Africa, fled the country amid the state capture scandal.
Also Read: One of Guptas Saxonwold mansions auctioned for R3.3m
