After compound sold, Gupta brothers have no significant assets in SA
On Tuesday, the auctioneers of the infamous Gupta compound announced the sale of the compound to a single buyer.
The three properties were sold for R34.5 million.
The business rescue practitioners for the Gupta-owned properties announced that they accepted and confirmed an offer for all three Saxonwold houses that were owned by the controversial brothers.
The offer was made by a single buyer who now owns a 17-bedroom en-suite property, an 8-bedroom property and a more modest 3-bedroom house.
The auctioneers, Park Village Auctions, said the business rescue practitioners would receive their funds in accordance with the terms of the business rescue plan and the Gupta brothers' creditors couls also expect to receive payment.
The practitioners said that since the Guptas fled from South Africa in 2016, the assets from their companies, including the Optimum coal mine and The New Age Media, had been disposed of.
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The Citizen
2 days ago
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In total, the buyer bought four properties for more than R41 million. Park Village Auctions has confirmed that one buyer has purchased three of the Guptas' properties in Saxonwold Drive for 47% less than they were valued. The three houses were owned by a company called Confident Concept (Pty) Ltd, linked to the three Gupta brothers, Ajay, Atul and Rajesh. After they fled South Africa, the company entered business rescue. Clive Lazarus, from Park Village Auctions, said the three properties were sold for a combined R34.5 million, a massive discount from the R64.5 million they were valued at. Gupta houses sold with furniture The properties at No. 3, 5, and 7 Saxonwold Drive in Sandton, Johannesburg, were sold along with furniture and appliances. Lazarus added that the buyer also bought No. 7A Saxonwold Drive for R6.5 million. The fourth property brings the buyer's total spending on the property shopping spree to more than R41 million. The Gupta-linked properties were initially put up for public auction following a Supreme Court of Appeal ruling. However, the public auction yielded little success, with only one house being sold. Breakdown of Guptas' mansions According to Park Village Auctions, 3 Saxonwold, a three-bedroom house, was sold for R4.6 million. While 5 Saxonwold was sold for R16.4 million. This is an eight-bedroom house with an indoor pool and a rooftop patio. The third property, 7 Saxonwold, was sold for R13.4 million. This property is larger than all the others, boasting 17 en-suite bedrooms, a cinema, and a salon. The Guptas' furniture and appliances were sold for R455 400. ALSO READ: Sars strikes: MaMkhize's luxury cars up for auction Business rescue Confident Concept (Pty) Ltd experienced financial distress after the Guptas abandoned it. The sales of the properties were done to pay creditors what is owed to them, including hundreds of thousands to the City of Johannesburg. 'The business rescue practitioners (BRPs) will receive their funds in accordance with the terms of the business rescue plan, and creditors can expect a welcome payday.' NOW READ: Video: A tour inside the Gupta compound
Eyewitness News
2 days ago
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After compound sold, Gupta brothers have no significant assets in SA
JOHANNESBURG - The business rescue practitioners tasked with disposing of the Gupta brothers' properties said there were no more significant assets belonging to the Gupta brothers in South Africa. On Tuesday, the auctioneers of the infamous Gupta compound announced the sale of the compound to a single buyer. The three properties were sold for R34.5 million. The business rescue practitioners for the Gupta-owned properties announced that they accepted and confirmed an offer for all three Saxonwold houses that were owned by the controversial brothers. The offer was made by a single buyer who now owns a 17-bedroom en-suite property, an 8-bedroom property and a more modest 3-bedroom house. The auctioneers, Park Village Auctions, said the business rescue practitioners would receive their funds in accordance with the terms of the business rescue plan and the Gupta brothers' creditors couls also expect to receive payment. The practitioners said that since the Guptas fled from South Africa in 2016, the assets from their companies, including the Optimum coal mine and The New Age Media, had been disposed of.
