Latest news with #R64.5
The Citizen
5 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
6 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.
