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TimesLIVE
5 hours ago
- Business
- TimesLIVE
Sold! Gupta Saxonwold compound fetches R34.5m
The 'Gupta compound' in Saxonwold, Joburg, has been sold to a single buyer for R34.5m, marking the end of an era for the once-notorious properties at the centre of state capture allegations. Park Village Auctions announced the successful sale of the properties on numbers 3, 5 and 7 Saxonwold Drive and their contents, comprising furniture and appliances. The sale price was inclusive of buyer's commission and VAT. PVA's Clive Lazarus said the buyer also purchased number 7A Saxonwold Drive for R6.5m, including buyer's commission and VAT separately. This was not part of the Gupta assets. '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. The total value of all the properties had been listed at R64m in presale advertising. When the bigger two homes failed to sell at auction and the smaller one only received an offer well below perceived market value, the auctioneers decided to adopt a private sale process.
The South African
27-07-2025
- Business
- 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.
IOL News
24-07-2025
- Business
- IOL News
Gupta-owned Saxonwold properties struggle at auction after only one property sells
In an auction held on Thursday, only one of the properties linked to the controversial Gupta family found a buyer, underscoring the significant stigma surrounding these assets. 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.'
eNCA
24-07-2025
- Business
- eNCA
Gupta Saxonwold compound goes on auction
JOHANNESBURG - The once-glamorous Gupta compound in Saxonwold, Johannesburg, went under the hammer on Thursday but sold at significantly lower prices than expected. One of the houses, known as Property 3, which once served as staff quarters, sold for just R3.3-million, which is a decrease from its original amount of R5-million. Property 5, known as the 'White House', where the Gupta family lived, received a paltry bid of just R4-million. The house was previously valued at R21.7-million. Meanwhile, a prospective buyer bid just R3 million for Property 7 valued at R36.8-million. Clive Lazarus, a Director at Park Village Auctions, who facilitated the sale, says they weren't surprised by the low offers. He believes this is due to the infamy of its owners. "There was no surprise when it came to numbers 5 and 7. There has been interest, but there is a big stigma, and the property has been neglected since 2018. And no maintenance has been done since then". 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. Real estate experts believe the winning bidders scored a good deal. CEO of Lance Real Estate, Lance Cohen, says R3.3-million for a house in Saxonwold is a bargain in today's property market.
The South African
21-06-2025
- Business
- The South African
A look inside the Gupta mansions going up for auction
Three high-class Gupta mansions in Saxonwold, Johannesburg, will be up for auction on 24 July 2025. This follows the business rescue for the family's company, Confident Concept (Pty) Ltd, which the properties fall under. Park Village Auction's Clive Lazarus described the sale as signalling the 'beginning of the end' of the seven-year saga. The viewing of the properties, handled by Park Village Auctions, will be held between 6 and 20 July 2025. The first mansion will be the triple-storey residence at 5 Saxonwold Drive, featuring eight bedrooms, extensive living and entertainment areas, an indoor swimming pool, an expansive rooftop patio, staff accommodation, and ample garaging. The mansion measures up to 4,207 sqm. The 5 Saxonwold Drive mansion. IMAGE: Park Village Auctions. Indoor swimming pool. IMAGE: Park Village Auctions. The next property available for auction is the number 7 Saxonwold Drive, also a triple storey, has a staggering 17 en-suite bedrooms. The property features a triple-volume foyer, multiple lounges, a cinema lounge, staff accommodation and even a beauty salon. The 7 Saxonwold Drive property. IMAGE: Park Village Auctions. A salon inside the property. IMAGE: Park Village Auctions. IMAGE: Park Village Auctions. Last but not least on the list is number 3 Saxonwold Drive single-storey three-bedroom home with a single garage, storeroom, and staff accommodation. The number 3 Saxonwold Drive. IMAGE: Park Village Auctions. IMAGE: Park Village Auctions. The entire contents of each house, namely furniture and appliances, will be sold as a single lot (not individual items) following each respective property. To be part of the bid, you have to register and pay the relevant refundable deposits. Viewings of the properties will be held on 6, 13, 19 and 20 July 2025 from 10:00 to 16:00. The Saxonwold properties once hosted prominent figures such as the former Deputy Finance Minister, Mcebisi Jonas, who confessed at the Zondo commission about bribes and corruption he encountered during a meeting at one of the Gupta residences. The family's business, Confident Concept (Pty) Ltd, has been involved in two legal battles, including business rescue proceedings following financial distress and disputes over property development with municipal authorities. The company owned a substantial portfolio of properties, including those adjacent to the infamous Saxonwold compound in Johannesburg. Notably, these properties were embroiled in litigation with the City of Johannesburg (CoJ), allegedly owing R726,695 in rates and taxes as of 2022. After years of several appeals at the Supreme Court of Appeal, the Appellate Division finally ruled, allowing the Confident Concepts properties to go up for auction and 'hopefully lead to a long-awaited payday for creditors,' says Lazarus. 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.
