Gupta Compound in Saxonworld sold for over R30 million
Business Rescue Practitioners accepted an offer of R34 million.
This sale follows just three weeks after the compound went under the hammer with one of the houses selling at significantly lower price.
The house, known as Property 3, which once served as staff quarters, sold for just R3.3-million which was a decrease from its original amount of R5-million.
The Gupta brothers, Rajesh, Atul and Ajay who once called the compound home, were identified as central figures in South Africa's state capture.
They remain fugitives after fleeing the country in 2016.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
The Citizen
2 hours ago
- The Citizen
Revival of Fresh Produce Market imminent after contempt ruling
The Tshwane metro has vowed to revitalise its Fresh Produce Market, promising major upgrades and improved services for both traders and customers. This follows a ruling by the Gauteng High Court, which found the metro in contempt on August 11 for failing to comply with a 2022 court order requiring maintenance and upgrades at the market. The Mayor, Nasiphi Moya, said that although the challenges at the market stem from decisions made before her administration, the metro is determined to address them. 'The Fresh Produce Market is one of the city's most valuable strategic assets,' she said. Moya emphasised the metro's respect for the court's decision and its commitment to full compliance, while focusing on sustainable improvements that benefit all market users. She noted that the Institute of Market Agents of SA (IMASA) is a critical partner and that the metro will reach out to the institute to arrange constructive engagement. 'We want to work constructively with IMASA, market traders, and other stakeholders to address the issues raised and restore the market to its rightful place as a leading agricultural hub,' she said. The mayor emphasised that the market plays a pivotal role in the city's agricultural and agro-processing sector, as outlined in the Tshwane Economic Revitalisation Strategy (TERS) adopted earlier this year. 'Our vision is to expand trading space, improve operational efficiency, grow market share, and integrate emerging farmers into the formal value chain.' However, Moya acknowledged that achieving these objectives requires additional resources. She explained that the metro will present the market as a priority investment opportunity at the Tshwane Investment Summit in September. 'Our objective is to secure the resources and partnerships needed to transform the market,' she said. Moya underscored the economic potential of the market. She added that by working together with IMASA and other agricultural stakeholders, the metro will ensure the market is positioned as a catalyst for economic growth, job creation, and agricultural development in the city. The metro's renewed commitment comes after the court order, following a contempt application by IMASA. According to the court judgment, the municipality had failed to fully comply with a 2022 court order issued by Judge Shereen Meersingh on October 31, 2022. That order required the metro to submit a precinct plan addressing occupational health and safety, allocate R18-million for implementation, and consult IMASA on all market-related budget processes. The plans were to cover fire and smoke detection, electrical connectivity, security, lifts and hoists, sanitation, refuse removal, and procurement of evaporator coils. Draft precinct risk assessments and recovery plans were due within 60 days, with a final plan required within 180 days. Although the original order predates Moya's tenure, she is responsible for ensuring that the municipality complies, including overseeing the implementation of all required plans and allocating the necessary resources to meet the standards outlined in the 2022 order. Judge Mmonoa Teffo ordered Moya and City Manager Johann Mettler to ensure full compliance within 30 days and warned that a one-month prison sentence, suspended for a year, could be activated if they fail. The court judgment also revealed that the matter originated in January 2022, when IMASA, representing market traders, approached the High Court, arguing that the metro had failed to provide constitutionally mandated services. The municipality submitted a draft precinct plan in December 2022, which IMASA rejected as non-compliant due to insufficient detail in the R18-million budget allocation and a lack of supporting documentation. Despite repeated concerns raised by IMASA, the metro submitted a final precinct plan in April 2023 without addressing the organisation's issues. In August of that year, the metro claimed in correspondence with IMASA that it had complied with the court's timelines. IMASA was dissatisfied and filed a contempt of court application in December. The judgment details numerous shortcomings in the municipality's handling of the market. Both draft and final plans failed to prioritise critical issues outlined in the 2022 court order and lacked supporting evidence for the budget allocations. Key projects, including electrical connectivity and facility compliance upgrades, were postponed to the 2024/25 financial year. Several operational failures were also highlighted, including: – How forklifts purchased for R2-million were unusable due to a lack of qualified drivers, – Evaporator coils for ripening rooms were never bought, – Essential generators were missing – Donated lighting was incorrectly counted toward the R18-million budget. The ruling further indicated that the metro did not seek clarification when its interpretation of the 2022 order differed from IMASA's understanding. While the metro argued that most of the R18-million had been spent and that financial constraints prevented completion, the court found no evidence to support these claims and ruled that IMASA's criticisms were valid. IMASA's application to hold the mayor and city manager personally liable was granted. The judgment now requires Moya and the city manager to submit a draft or final precinct plan, a detailed risk assessment, and a recovery plan for the market. They are also required to submit affidavits that confirm the completion of all repairs and compliance measures, including fire and smoke detection, electrical connectivity, security, lifts and hoists, sanitation, and refuse removal. A detailed account of the allocation and expenditure of the R18-million capital and operational budget for 2022 is also required by the court. ALSO READ: Urban management initiative hits Region 3 Do you have more information about the story? Please send us an email to [email protected] or phone us on 083 625 4114. For free breaking and community news, visit Rekord's websites: Rekord East For more news and interesting articles, like Rekord on Facebook, follow us on Twitter or Instagram or TikTok.
The Citizen
4 hours ago
- The Citizen
More women buying houses between R3 million and R5 million
This shows that the luxury market is rebounding, even during uncertain times. Despite the South African property market remaining resilient, the country's economic climate is shaping trends in how individuals buy and sell homes. Historically, men were the leading gender in buying property, but this is changing, with research showing women are dominating the first-time buyer segment. Yael Geffen, CEO of Lew Geffen Sotheby's International Realty, said they have noticed more women buying properties since the easing of interest rates. ALSO READ: More South Africans buying houses for less than R700k. Here's why She highlighted that activity is strongest in the R3 million to R5 million bracket nationally, though the Western Cape's sweet spot sits between R4 million and R10 million. This shows that the luxury market is rebounding, even during uncertain times. Right time to buy houses? Geffen said the country's property market is navigating a complex interplay of economic strain, shifting buyer behaviour, and regional disparities. However, it is always time to buy a house for those willing to adapt, research and invest wisely. 'Property remains one of the most secure investments, but success hinges on understanding the market's nuances. Whether buying, selling or renting, realism and strategic planning are key.' Houses staying on the market longer She made reference to FNB's research that houses are staying on the market for an average of 12 weeks and one day before finding a buyer. Geffen said this suggests cautious optimism rather than sustained momentum. 'According to FNB, the average time homes spent on the market improved slightly in Q4 [fourth quarter] 2024, dipping to 11 weeks from 11.2 weeks in Q3 [third quarter]. However, by Q1 [first quarter] 2025, this figure had edged up again to 12 weeks and one day.' She said economic pressure is a key factor for many people selling their houses. 26% of their sellers have cited financial strain as their reason for selling, a 3% increase from the third quarter of 2024. On the bright side, she said this has led to more realistic asking prices, though for many, these adjustments are less a choice and more a necessity. ALSO READ: House prices are rising in SA — here's why Own what you can afford Geffen said most of their sellers are opting to downsize their properties, with owning what they can afford as a guiding principle. However, despite economic pressure, there has been growth in first-time buyers. 'Lightstone's data reveals a promising trend nearly 50% of first-time buyers are aged between 30 and 45, while those under 30 account for 14%. Encouragingly, there are now more first-time buyers under 45 than repeat buyers,' she added. Geffen said they have noticed a rise in sectional title ownership. This could be due to security and lifestyle benefits fuelling demand for these types of properties. 'Buyers are increasingly drawn to lock-up-and-go convenience, making this segment a standout performer.' Women's participation in property Lightstone noted that women outnumber men as property owners in the country. According to their research, in 2024, women-only buyers accounted for 2 154 000 (38%) of properties owned and co-own another 1 883 000 (33%) properties. Men-only owners account for 1 694 000 (29%) of all properties. 'However, while more women are buying property, they are doing so at lower values than men and couples.' More women buying cars Lightstone's data also revealed that women are paying 74% more for their new and used vehicles, on average, than they did in 2014. 'Lightstone's analysis of data shows the average price for a used vehicle financed by a woman buyer climbed from R172 600 in 2014 to R297 800 in 2024, while the average price of a new vehicle financed by a woman buyer leapt from R252 000 in 2014 to R440 000 in 2024 so far.' NOW READ: Warning for South Africans buying homes
IOL News
5 hours ago
- IOL News
Ramokgopa defends Eskom's R5 billion diesel spend to prevent load shedding
Minister of Electricity and Energy Kgosientsho Ramokgopa defended Eskom's heavy use of diesel this winter, saying it was necessary to avoid load shedding during peak demand Image: Supplied Minister of Electricity and Energy Kgosientsho Ramokgopa has defended Eskom's heavy use of diesel this winter, saying it was necessary to avoid load shedding during peak demand. Speaking at a press briefing on Wednesday morning, Ramokgopa gave an update on the state of the electricity grid and admitted that Eskom faced significant challenges at the start of the financial year. "It's not a secret that we experienced significant challenges at the beginning of the financial year in April, and we relied more and more on diesel to be able to support us," Ramokgopa said. Ramokgopa explained that diesel use is part of Eskom's emergency response plan for periods of high risk, especially in winter. "This diesel was able to support us because it is meant to support us during those periods of difficulty. Of course, the budget for the diesel is about R12 billion or so. "We have spent about R5 billion of that, and the next question you might ask is why, at the beginning of the financial year, you have spent over 40% of your annual allocation". He further added that the increased diesel use is a strategic response to the heightened risk during winter months, when electricity demand peaks and the ageing power infrastructure is more vulnerable to breakdowns. "It's because it's during winter when the intensity of the demand reaches its peak, and then when we're likely to experience challenges if some units fail because we don't have the headroom to be able to absorb those failures of the units." "So what do we do? We then call on our ace card, which is the pickers to come and help us. Just to give you context for the period of 1 April to 31 August in 2023, just that period, we used about R14.8 billion [email protected] IOL Business Get your news on the go, click here to join the IOL News WhatsApp channel
