Latest news with #ConfidentConcept(Pty)Ltd
The Citizen
3 days ago
- Business
- The Citizen
Three houses bought in Guptas' Saxonwold compound at massive discount
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
The South African
4 days ago
- Business
- The South African
All Gupta mansions sold at nearly half its combined worth
Park Village Auctions has confirmed the sale of all three notorious Gupta-owned mansions in Saxonwold for a combined R34.5 million, almost half their original valuation. As reported by BusinessTech , the properties at 3, 5, and 7 Saxonwold Drive, along with their contents, were initially valued at R64.5 million. The final sale price represents a 47% discount, or R30 million less than their combined pre-sale worth. The sales form part of the business rescue process for Confident Concept (Pty) Ltd, one of several Gupta-linked companies mired in legal and financial trouble. The company was in dispute with the City of Johannesburg over unpaid rates and taxes amounting to R726 695 in 2022, while facing other litigation alongside related entities. A Supreme Court of Appeal ruling ordered that Confident Concept's assets go under the hammer. Only one of the three mansions, No. 3 Saxonwold Drive, sold at the public auction in July, fetching R3.3 million, 40% below its R5.5 million valuation. The other two properties failed to attract buyers at auction and were later sold privately. Park Village Auctions confirmed that the Business Rescue Practitioners (BRPs) have accepted the final offers, with all securities in place. 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 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.
The Citizen
20-06-2025
- Business
- The Citizen
Gupta-linked Saxonwold mansions head to auction after seven-year legal battle
Three properties in business rescue will go under the hammer on 24 July. After seven years of drawn-out litigation, three luxurious Saxonwold properties tied to Gupta-owned Confident Concept (Pty) Ltd are set to be auctioned. The properties – including the family's former Johannesburg residence – are being sold by Park Village Auctions following a Supreme Court of Appeal ruling, marking what auctioneer Clive Lazarus calls 'the beginning of the end' of a long-running legal and business rescue saga. ALSO READ: 'Gupta Saxonwold compound' has its lights cut Creditors can breathe a sigh of relief The simulcast auction will take place on 24 July at 11am, with the sale expected to bring long-awaited relief to creditors. Confident Concept held a substantial property portfolio including land adjacent to the infamous Saxonwold compound in Johannesburg. The company became embroiled in litigation with the City of Johannesburg, allegedly owing R726 695 in rates and taxes as of 2022. It has faced two major areas of legal contention: business rescue proceedings due to financial distress, and disputes with municipal authorities over property development. The business rescue process, which began in 2018, ran alongside the municipal disputes and involved other Gupta-linked companies. It was characterised by internal conflict and protracted legal battles over the management of the company and its assets. ALSO READ: Who paid R20 million for the Gupta's rundown Constantia mansion? Opulent and decadent The first property to be sold will be number 5 Saxonwold Drive, measuring 4 207 m², which is a three-storey residence featuring eight bedrooms, extensive living and entertainment areas, an indoor swimming pool, expansive rooftop patio, staff accommodation, and ample garaging. Second on the list is number 7 Saxonwold Drive which also comprises three storeys with 17 en suite bedrooms. The property also features a grand triple-volume foyer with an atrium-like domed skylight, multiple lounges, a cinema lounge, beauty salon, and staff accommodation. The final property to be sold is number 3 Saxonwold Drive which is a single-storey, three-bedroom home with a single garage, storeroom and staff accommodation. The entire contents of each house, namely furniture and appliances, will be sold as a single lot (not individual items) following each respective property. Lazarus says he is humbled by Park Villages Auctions being entrusted to dispose of assets of such political significance once again, recouping millions for the corruption-afflicted creditors. This article was republished from Moneyweb. Read the original here.
