Gupta Saxonwold home sold at auction
A Gupta-owned property in Saxonwold has been sold at auction for R2.6 million.
The house – famed for being the temporary residence of Ace Magashule’s son – is the first of several properties belonging to Gupta-owned Confident Concepts up for auction. The company is in business rescue.
The Gupta family has a well-documented history in South Africa, particularly their close ties with former president, Jacob Zuma.
The family has since fled the country following accusations that it used its political influence to interfere in ministerial appointments to advance their business interests as part of a campaign to “capture the state”.
The 1,119 sqm luxury home comprises an entrance foyer, a lounge, a TV room, a dining room, a kitchen, three bedrooms and two bedrooms (one of which is en-suite), said auctioneer, Park Village Auctions.
A covered patio gives access to a front garden and swimming pool. The property further features a double garage, and a single bedroom and bathroom staff quarter, it said.
The property was sold by Park Village Auctions and GoIndustry DoveBid which have been jointly appointed by the business rescue practitioners.
“We see the sale as an indication of what to expect with the remaining Gupta properties. Justice will out for the creditors awaiting payment albeit slow as a result of the delicate nature of the matter.
“Transparency and following the law to-the-letter are paramount, and we believe this property signals a turning point in the saga. The wheel has started to turn, and we await instructions from the business rescue practitioners for the remaining properties,” said Clive Lazarus, PVA’s head auctioneer.
The sale is subject to confirmation by the business rescue practitioners who will accept or reject the offer.
Lazarus speculated that the offer will be accepted, as the price of R2,600,000 ex vat is satisfactory. “All things considered, we believe that is a fair price for both the buyer and seller,” he said.
He said that an additional three properties in Saxonwold are set to be sold, along with a house in Constantia, Cape Town, and another in Umhlanga Rocks, Durban.
The Gupta’s Optimum coal mine will also be brought to market, he said.
The home can be viewed here.
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