Latest news with #Gupta-owned
The Citizen
3 days ago
- 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.
eNCA
3 days ago
- Business
- eNCA
Exclusive tour inside Gupta compound going on auction
JOHANNESBURG - The infamous Gupta compound in Saxonworld is set to be auctioned off. The series of properties in the lavish Johannesburg suburb was home to numerous high-profile meetings between the family and government ministers. These properties currently belong to Confident Concept, which is a Gupta-owned company placed under business rescue. Confident Concept has been embroiled in litigation since 2018, the company is allegedly owing the City of Johannesburg thousands of rands in rates and taxes. The mansions will go under the hammer through Park Village Auctions in July. e
