Low Prices and Long Shadows as Gupta Mansions Auctioned in Saxonwold
The Gupta family's old Saxonwold estate went under the hammer this week, but instead of high prices and fierce bidding wars, the auction ended quietly — and with a few surprises.
Most of the houses on the compound sold for way less than their original value, leaving people wondering how something once so rich and powerful could end up here.
One of the homes, called Property 3, used to be the staff quarters. On Thursday, it sold for R3.3 million. A few years ago, it was worth around R5 million. But the biggest shock came with Property 5, the so-called 'White House' where the Gupta family lived. That house used to be valued at over R21 million. On auction day, it only got a bid of R4 million.
And it did not stop there. Property 7, which once had a price tag of R36.8 million, had just one interested buyer who only offered R3 million. It was hard to ignore how much value had disappeared from these once-famous addresses.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
The South African
2 days ago
- The South African
Inside the Gupta mansion sold for almost HALF the price
One of the former Gupta family's three Saxonworld mansions was sold for almost half its price at an auction this week. The property received just one bid. The estates have made headlines over the years after the City of Johannesburg revealed that it owned over R700 000 in unpaid municipal rates. As part of a business rescue plan attached to the controversial family's bankrupt Confident Concept, the properties and moveable assets were placed on public auction by the Supreme Court of Appeal According to Park Village Auctions, just one Gupta-owned property was auctioned off this week – number 3 Saxonworld Drive, at just R3.3 million. The three-bedroom staff residence received just one bidder. The 3,687m², single-storey home was initially priced at R5 million. Auctioneer Clive Lazarus said: 'The property, which was reportedly used for staff accommodation or security quarters, is in a state of disrepair'. Take a look inside… Inside number 3 Saxonworld Drive. Images via Park Village Auction Images via Park Village Auction The auction also placed numbers 5 and 7 Saxonworld Drive – part of the Gupta compound, on auction. Neither received any bids. Number 5 is a three-story, eight-bedroom, five-en-suite mansion with an indoor pool and rooftop patio. While the R21.73 million mansion remains on the market, its contents were sold for R100 000. Number 7 Saxonworld is the biggest property, boasting 17 en-suite bedrooms, a cinema, a beauty salon, and a triple-volume foyer. It is valued at R36.86 million. The contents of the hotel-esque property sold for just R60 000. According to Park Village Auctions disposal manager Graham van Niekerk, the two properties failed to sell due to several factors, such as high municipal rates, restrictive residential zoning, structural damage, and the 'stigma' associated with the Gupta name. 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.
The Citizen
2 days ago
- The Citizen
Video: A tour inside the Gupta compound
Join us on a tour of the Gupta compound on Saxonwold Drive; this was the home of the Gupta brothers, but it is now being sold at auction. The Citizen had the opportunity to have a look around the Gupta compound in Saxonwold. This was ahead of an auction taking place to sell the three properties. A view of number 5 Saxonwold Drive, part of the Gupta compound, seen on 24 July 2025. Picture: Michel Bega/The Citizen Number 3 Saxonwold Drive was the most rundown property of the three, and it was the only one to sell. Numbers 5 and 7 did not sell during the auction by Park Village Auctioneers. Number 3 Saxonwold Drive, seen on 24 July 2025. Picture: Michel Bega/The Citizen Number 3 Saxonwold Drive, estimated to be worth R5.5 million, only managed to fetch R3.3 million at the auction. ALSO SEE: Inside the Gupta compound, also known as the 'Saxonwold Shebeen'
IOL News
2 days ago
- IOL News
Silent spending is draining South African households: Here's where your money is really going
South African consumers are being hit with silent charges, like subscription renewals and small bank fees, that often go unnoticed but cost thousands over time. Image: File A growing number of middle-class South African households are discovering that their biggest financial threat isn't load shedding, high inflation, or rising food prices, but their silent spending habits. A recent audit of diverse households has revealed how small, recurring expenses like app subscriptions, impulse buys, and overlooked bank fees are collectively costing families thousands of rands each year. Experts warn that many of these hidden drains are going unnoticed due to the 'set and forget' nature of modern consumer habits, especially with the increasing use of digital payment systems and auto-renewing services. Take the case of a young couple living in Cape Town. Without realising it, they were spending more than R450 each month on digital subscriptions, most of which they rarely used. 'It was shocking to see how many platforms we were paying for,' they said. 'We had Netflix, Apple Music, two meditation apps, and backup storage services we hadn't looked at in months.' Once they reviewed their bank statements and cancelled unnecessary services, they saved close to R4,000 over the course of the year. But streaming services weren't the only culprit. 'We found we were spending over R2,000 a month on coffee and lunch runs,' they said. 'It doesn't feel like a lot when it's R50 here or R80 there, but when you add it up, it's ridiculous.' 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 ✕ Ad Loading A high school teacher said impulse grocery trips and unplanned takeaways had become a coping mechanism for her family. 'We'd get home tired and just order food or pop into the store without a list. We were often over budget without understanding why.' The family was exceeding their monthly food budget by more than R1,100 on average. Recurring bank fees and overdraft penalties were quietly eroding their disposable income. 'We switched banks, set app alerts, and created a budget for once-off annual costs like school uniforms and birthdays. That alone gave us breathing room,' she explained. One of the biggest revelations to emerge comes from Bank Zero CEO Yatin Narsai, who raised concerns about how South Africans are being charged 'international payment' fees for rand-priced subscription services like Netflix, Spotify, YouTube, Apple TV+, and Amazon Prime. Narsai said that while these services appear to be billed in rands, many South African banks charge a cross-border transaction fee, ranging between 2% and 2.75% of the transaction value, or a fixed fee of R3.00 in the case of banks like Capitec and TymeBank. 'Bank Zero still follows the principle of not charging fees wherever possible,' Narsai said. 'Only if a third party charges us a big fee, like for cash or immediate payments, are we forced to also charge a fee to the customer.' 'No such large extra fees exist specifically on cross-border rand-based card transactions,' he added. The implication? Banks may be profiting from fees that don't reflect actual processing costs. And for many middle-class families who maintain multiple international subscriptions, these seemingly minor charges can quietly erode their disposable income. A 2024 study by the South African Savings Institute found that 62% of middle-income earners struggle to save consistently, with the majority citing 'unexpected' or 'forgotten' costs as a key obstacle. Yet most of these expenses, according to the data, could be identified and reduced through regular financial audits. Digital tools are increasingly stepping in to assist. Budgeting apps like 22seven, YNAB, and bank-integrated platforms such as FNB's Smart Budget tool offer real-time expense categorisation and alerts. These platforms can also highlight unused subscriptions, spikes in discretionary spending, or unusual bank charges. For some households, switching to cash-only weeks or setting limits on contactless transactions helped curb their spending impulses. Others set up 'future expense' savings pots, monthly amounts reserved for school fees, birthdays, or holiday costs, to avoid surprises later in the year. What should South Africans do now? Financial advisors recommend: Quarterly financial audits, carefully review bank and card statements. Switching accounts, look for banks or digital wallets with flat-fee or no-fee structures, especially on international payments. Cancel or reduce subscriptions and opt for annual plans where cheaper. Track small spending, daily coffee, snacks, or impulse buys add up fast. While headline costs grab attention, it's the compact, often-overlooked drains, card fees, cash handling, and subscription costs, that quietly erode personal and business wealth. IOL News
