Gupta-owned Saxonwold properties struggle at auction after only one property sells
The modest staff residence located at 3 Saxonwold Drive was sold for R3.35 million, while two opulent homes steeped in state capture-era notoriety failed to attract competitive bids, highlighting ongoing challenges in the property market linked to dubious ownership.
The auction, conducted by Park Village Auctions, saw a single R3 million offer placed for the six-bedroom mansion at 7 Saxonwold Drive, which initially had a starting bid set at R5 million.
In stark contrast, number 5 Saxonwold Drive, an expansive eight-bedroom, three-storey property, did not receive any bids at all. The stark reality was that municipal valuations for these prime pieces of real estate are considerably higher, sitting at R21 million for 5 Saxonwold Drive and R36 million for 7 Saxonwold Drive.
Auctioneer Clive Lazarus reflected on the results, stating, 'We had a great deal of interest leading up to the auction, but given the complexity and uniqueness of these properties, it's not unusual for a transaction of this nature to take more time.'
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