Just one Gupta property finds a buyer at Saxonwold auction
Park Village Auctions disposal manager Graham van Niekerk described the outcome as 'exactly what we expected'. He said despite house No 3's rundown condition, it had more redevelopment potential.
'You can see for yourself the scope to upgrade it or start from scratch. The other two are very unique and difficult properties,' said Van Niekerk.
He attributed the lack of interest in houses No 5 and No 7 to several factors: high municipal valuations, poor structural condition, restrictive zoning (residential 1) and the stigma associated with the Gupta name.
Outside the compound, a small group of people protested, demanding justice and accountability for the family's alleged role in state capture.
'This is not the first time we have protested,' said Li Gula, from the Organisation Undoing Tax Abuse (Outa) 'We want the Guptas to come back and account. The NPA is moving far too slowly. The Zondo commission cost taxpayers millions and yet justice still drags on.'
Lazarus said the auction was part of an effort by business rescue practitioners to open the process to public scrutiny. 'There is a stigma around these properties, but the most important thing is transparency. Everyone had the same opportunity to bid,' he said.
Lazarus acknowledged that properties No 5 and 7 were always going to be tough sells. 'They are in serious disrepair and need major investment to restore. The business rescue team will now explore alternative methods to dispose of them, including closed tenders.'
The auction may not have cleared all assets but it opened a rare public window into what remains of the once-powerful family's South African empire now reduced to crumbling mansions and unresolved questions.
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