Latest news with #R34.5
The Citizen
18 hours 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
Eyewitness News
20 hours ago
- Business
- Eyewitness News
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.
The Star
2 days ago
- Business
- The Star
Gupta compound in Saxonwold sold for R34. 5 million
Simon Majadibodu | Published 1 hour ago The controversial Gupta family's Saxonwold compound has been sold to a single buyer for approximately R34.5 million, the Park Village Auctions (PVA) said. PVA announced that all three properties - number. 3, 5, and 7 Saxonwold Drive in Sandton, Gauteng - along with their contents- have been successfully sold. The sale includes furniture and appliances, with the total amount realised inclusive of buyer's commission and VAT. 'Park Village Auctions has realised approximately R34.5 million for all three Saxonwold properties and their contents,' said PVA's Clive Lazarus. Lazarus confirmed that the Business Rescue Practitioners (BRPs) accepted and approved the offer. The properties belonged to Confident Concept (Pty) Ltd, which is currently under business rescue. IOL News previously reported that the auction revealed that a single R3 million offer was made for the six-bedroom mansion at 7 Saxonwold Drive, far below the starting bid of R5 million. In contrast, number 5 Saxonwold Drive, an eight-bedroom, three-storey home, failed to attract any bids. Municipal valuations painted a stark contrast: R21 million for No. 5 and R36 million for No. 7 Saxonwold Drive. High monthly municipal rates - R19,186 and R29,433 respectively, with costs reaching up to R30,000, likely deterred potential buyers. In addition to the main properties, the buyer also acquired No. 7A Saxonwold Drive for R6.5 million, including commission and VAT, Lazarus said. 'With all necessary securities received in good order, the assets formerly belonging to Confident Concept (Pty) Ltd are confirmed as sold,' he added. The BRPs will distribute the proceeds according to the business rescue plan, offering some relief to creditors. Over the years, PVA, acting on behalf of the BRPs, has overseen the disposal of assets from several companies linked to the Guptas, including Islandsite Investments 180 (Pty) Ltd, Koornfontein Mines (Pty) Ltd, Optimum Coal Mine (Pty) Ltd, Optimum Coal Terminal (Pty) Ltd, The New Age Media (Pty) Ltd, and VR Laser Services (Pty) Ltd. '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. [email protected] IOL News
IOL News
2 days ago
- Business
- IOL News
Gupta compound in Saxonwold sold for R34. 5 million
The Gupta family's Saxonwold compound has been sold to a single buyer for approximately R34.5 million. Image: Dumisani Sibeko/ANA The controversial Gupta family's Saxonwold compound has been sold to a single buyer for approximately R34.5 million, the Park Village Auctions (PVA) said. PVA announced that all three properties - number. 3, 5, and 7 Saxonwold Drive in Sandton, Gauteng - along with their contents- have been successfully sold. The sale includes furniture and appliances, with the total amount realised inclusive of buyer's commission and VAT. 'Park Village Auctions has realised approximately R34.5 million for all three Saxonwold properties and their contents,' said PVA's Clive Lazarus. Lazarus confirmed that the Business Rescue Practitioners (BRPs) accepted and approved the offer. The properties belonged to Confident Concept (Pty) Ltd, which is currently under business rescue. IOL News previously reported that the auction revealed that a single R3 million offer was made for the six-bedroom mansion at 7 Saxonwold Drive, far below the starting bid of R5 million. In contrast, number 5 Saxonwold Drive, an eight-bedroom, three-storey home, failed to attract any bids. Municipal valuations painted a stark contrast: R21 million for No. 5 and R36 million for No. 7 Saxonwold Drive. 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 ✕ High monthly municipal rates - R19,186 and R29,433 respectively, with costs reaching up to R30,000, likely deterred potential buyers. In addition to the main properties, the buyer also acquired No. 7A Saxonwold Drive for R6.5 million, including commission and VAT, Lazarus said. 'With all necessary securities received in good order, the assets formerly belonging to Confident Concept (Pty) Ltd are confirmed as sold,' he added. The BRPs will distribute the proceeds according to the business rescue plan, offering some relief to creditors. Over the years, PVA, acting on behalf of the BRPs, has overseen the disposal of assets from several companies linked to the Guptas, including Islandsite Investments 180 (Pty) Ltd, Koornfontein Mines (Pty) Ltd, Optimum Coal Mine (Pty) Ltd, Optimum Coal Terminal (Pty) Ltd, The New Age Media (Pty) Ltd, and VR Laser Services (Pty) Ltd. '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. IOL News
The South African
2 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.
