Gupta compound in Saxonwold sold for R34. 5 million
Image: Dumisani Sibeko/ANA
The controversial Gupta family's Saxonwold compound has been sold to a single buyer for approximately R34.5 million, the Park Village Auctions (PVA) said.
PVA announced that all three properties - number. 3, 5, and 7 Saxonwold Drive in Sandton, Gauteng - along with their contents- have been successfully sold.
The sale includes furniture and appliances, with the total amount realised inclusive of buyer's commission and VAT.
'Park Village Auctions has realised approximately R34.5 million for all three Saxonwold properties and their contents,' said PVA's Clive Lazarus.
Lazarus confirmed that the Business Rescue Practitioners (BRPs) accepted and approved the offer.
The properties belonged to Confident Concept (Pty) Ltd, which is currently under business rescue.
IOL News previously reported that the auction revealed that a single R3 million offer was made for the six-bedroom mansion at 7 Saxonwold Drive, far below the starting bid of R5 million.
In contrast, number 5 Saxonwold Drive, an eight-bedroom, three-storey home, failed to attract any bids.
Municipal valuations painted a stark contrast: R21 million for No. 5 and R36 million for No. 7 Saxonwold Drive.
Video Player is loading.
Play Video
Play
Unmute
Current Time
0:00
/
Duration
-:-
Loaded :
0%
Stream Type LIVE
Seek to live, currently behind live
LIVE
Remaining Time
-
0:00
This is a modal window.
Beginning of dialog window. Escape will cancel and close the window.
Text Color White Black Red Green Blue Yellow Magenta Cyan
Transparency Opaque Semi-Transparent Background Color Black White Red Green Blue Yellow Magenta Cyan
Transparency Opaque Semi-Transparent Transparent Window Color Black White Red Green Blue Yellow Magenta Cyan
Transparency Transparent Semi-Transparent Opaque
Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Dropshadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps
Reset
restore all settings to the default values Done
Close Modal Dialog
End of dialog window.
Advertisement
Next
Stay
Close ✕
High monthly municipal rates - R19,186 and R29,433 respectively, with costs reaching up to R30,000, likely deterred potential buyers.
In addition to the main properties, the buyer also acquired No. 7A Saxonwold Drive for R6.5 million, including commission and VAT, Lazarus said.
'With all necessary securities received in good order, the assets formerly belonging to Confident Concept (Pty) Ltd are confirmed as sold,' he added.
The BRPs will distribute the proceeds according to the business rescue plan, offering some relief to creditors.
Over the years, PVA, acting on behalf of the BRPs, has overseen the disposal of assets from several companies linked to the Guptas, 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.
'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,' said Lazarus.
simon.majadibodu@iol.co.za
IOL News
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
The South African
10 hours ago
- The South African
Correctional Services launches prison BAKERIES to save costs
Correctional Services Minister Dr. Pieter Groenewald has announced the continued expansion of the department's inmate-run bakery programme, aimed at reducing outsourcing costs and promoting self-sustainability within South African correctional facilities. Speaking at the launch of a new bakery at Westville Prison in Durban, Groenewald said the initiative has already saved taxpayers hundreds of millions of rands and will continue to grow as part of broader cost-cutting and rehabilitation efforts. 'This bakery alone will save R3 million annually for the taxpayer. Across all self-sufficiency projects last year, we saved nearly R500 million,' Groenewald said. To date, 13 bakeries have been rolled out across various prisons, with plans to expand further. At Westville, 50 inmates work in shifts to produce more than 3 800 loaves of bread daily, at a cost of R8 per loaf – significantly lower than the R23 per loaf paid to private service providers. Beyond cost savings, Groenewald highlighted the rehabilitative impact of the programme, with inmates gaining valuable skills to aid reintegration into society post-incarceration. Mlindeni Xaba, one of the inmates working in the Westville bakery, expressed gratitude for the opportunity. 'I'm thankful to the officials who helped us make better choices. Now I have the skills to open a business once I'm released and support my family,' Xaba said. The bakery programme forms part of a wider self-sufficiency strategy that includes vegetable farming, abattoirs, and tree nurseries within correctional facilities. Groenewald noted the significance of these projects amid rising operational costs and a budget reduction of R11.7 billion over the past five years. 'We'll continue enhancing self-sufficiency to lessen reliance on the state and ensure inmates leave with real skills,' he said. The Department of Correctional Services plans to scale these efforts further, with long-term goals of fully internalising food production and expanding vocational training opportunities for inmates. Let us know by leaving a comment below, or send a WhatsApp to 060 011 021 1 Subscribe to The South African website's newsletters and follow us on WhatsApp, Facebook, X and Bluesky for the latest news.
IOL News
16 hours ago
- IOL News
Westville Correctional Centre bakery to save millions, equip inmates with job skills
Dr Pieter Groenewald unveils a new bakery at Westville Correctional Centre, a transformative initiative aimed at rehabilitating inmates while saving taxpayers R3 million annually. In a move to make correctional facilities self-sustainable and reduce dependency on the state, Minister of Correctional Services, Dr Pieter Groenewald, opened a bakery in Durban this week. The bakery was opened on Thursday in the Durban Management Area in Westville, KwaZulu-Natal. It will enable inmates to bake bread for their consumption, cutting operational costs and generating significant savings for the department. According to the ministry, the initiative also equipped offenders with baking and entrepreneurial skills to help them secure employment or start small businesses upon reintegration into society. This, they said, furthered the department's mandate of rehabilitation and reduced re-offending. Groenewald said the bakery was an example of the department's wider self-sufficiency programme, which also included agricultural land, steel shops, wood shops, and textile production. "When it comes to food, and specifically bread, we have inmates that contribute so that we can supply bread at a much cheaper price," he said.
The South African
18 hours ago
- The South African
Truecaller under investigation for violating THIS law
A fascinating case is underway that sees Truecaller under investigation for violating the Protection of Personal Information Act (POPIA). For those who are unaware, Truecaller is an excellent mobile app that helps identify unknown, direct marketer and spam callers. However, as of this week, the Information Regulator confirms it has put Truecaller under investigation. Direct marketers are complaining that the Trucaller app harms their businesses by flaging their numbers and sharing their information illegally. South Africans use the Truecaller app extensively to identify unknown calls, especially from call centre agents. The technology behind it uses an AI-based system that identifies and flags unwanted calls. However, the Information Regulator now confirms that Truecaller is being accused of interfering with the running of these direct-marketing companies, reports The Citizen . 'Only upon conclusion of the investigation will we make a pronouncement. The complainant alleges that Truecaller interferes with these companies' right to privacy,' confirmed the regulator. Meanwhile, law experts say the regulator would need to see concrete data showing that businesses have been affected by the mobile app. The privacy of information act, created to uphold the privacy of citizens, might be successfully used to uphold the rights of direct marketing companies. Image: File With Truecaller under investigation in South Africa, a fascinating case will ensue. The Information Regulator has very strict guidelines for direct marketers. As such, citizens have every right not to be contacted unwillingly. Therefore, the complainants must show a direct link that Truecaller is harming their business. But there's another side to the coin, because law experts say a strong argument can be made that Truecaller is at odds with several POPIA provisions. If a call centre phones a customer, and the number comes up as spam, naturally the customer won't answer that call. Here in lies the conundrum. How does a call centre then contact a customers and prevent Truecaller from reflecting the number as spam? Another way to shield yourself from spam calls is the Direct Marketing Association's opt-out service. Image: File As such, the Information Regulator needs to strike a balance between data privacy and people's rights still to do business. However, you can also be proactive in getting rid of unwanted spam. If you want to opt out from direct marketing calls, visit The Direct Marketing Association's opt-out service. Simply register your details, and those who are members of the association will no longer contact you. Nevertheless, with Truecaller under investigation for POPIA violations, the regulator's outcome will set a precedent for other tech platforms in South Africa. The regulator has previously fined companies as much as R5 million for breaches of POPIA. If found non-compliant, Truecaller might face similar or higher fines and/or data deletion enforcements. Let us know by leaving a comment below, or send a WhatsApp to 060 011 021 1. Subscribe to The South African website's newsletters and follow us on WhatsApp, Facebook, X and Bluesky for the latest news.
