Gupta’s Saxonwold mansions sold for R34.5 million

The infamous Gupta brothers’ Saxonwold mansions and their household assets have been sold for R34.5 million, a significant discount at a recent auction.

The two brothers, Atul and Rajesh Gupta, had close ties to former President Jacob Zuma and his administration, and investigations into their involvement in state capture in South Africa are ongoing.

While in South Africa, the Gupta family operated multiple businesses, including TNA Media, which published the now-defunct The New Age, as well as Shiva Uranium Mine and Sahara Computers.

The family also invested heavily in local real estate, including three mansions based in Saxonwold, Johannesburg.

However, as the pressure of investigations into their involvement in state capture grew, the brothers left South Africa in 2018.

Since then, South Africa has attempted to extradite the brothers after they were arrested in Dubai, but these efforts have been unsuccessful.

After the brothers fled the country, many of their business interests were abandoned and are now defunct. This has necessitated business rescue proceedings in some cases, including for Confident Concept, which is linked to the Gupta-owned Oakbay Resources and Energy.

Confident Concept’s business rescue proceedings led to the auction of the Guptas’ three Saxonwold mansions and all their household assets.

The public auction took place on Thursday, 24 July, which Park Village Auctions said attracted several bidders and spectators.

On this date, one Gupta-owned property, Number 3 Saxonwold Drive, fetched R3.3 million, subject to confirmation. While some household assets were also sold, two mansions were not.

However, on Tuesday, 12 August, Park Village Auctions confirmed that the other two mansions and their contents, including furniture and appliances, had sold.

The three properties and their contents fetched a total of R34.50 million, significantly less than the estimated R64 million the lot was valued at pre-auction.

Regardless, Park Village Auctions’ Clive Lazarus said the Business Rescue Practitioners (BRP) have accepted and confirmed an offer.

The company said all three properties, namely numbers 3, 5, and 7 Saxonwold Drive, and their contents fetched an estimated total of R34.50 million, including buyer’s commission and VAT.

The buyer also purchased number 7A Saxonwold Drive for R6.50 million, including buyer’s commission and VAT separately.

“As all necessary securities have been received in good order, the assets formally belonging to Confident Concept (Pty) Ltd, which is now in business rescue, are confirmed as sold,” the auctioneer said 

“The BRPs will receive their funds in accordance with the terms of the business rescue plan, and creditors can expect a welcome payday.”

Park Village Auctions further confirmed that, to date, it has helped the BRPs to dispose of Gupta-linked assets previously belonging to:

• Confident Concept 
• Islandsite Investments 180
• Koornfontein Mines 
• Optimum Coal Mine 
• Optimum Coal Terminal
• The New Age Media
• VR Laser Services

“The Business Rescue Practitioners are satisfied with this outcome, as is PVA. The sale signifies how we, with the BRPs, will be relentless in reclaiming funds owed to creditors,” Lazarus said.

Auction