Buyers purchased all Gupta Saxonwold mansions at half their value
Reports say buyers purchased all three Gupta mansions at a R30 million discount in the final clearance of the infamous Saxonwold properties.
Park Village Auctions confirmed it sold all three notorious Gupta-owned mansions in Saxonwold for a total of R34.5 million, nearly half their original valuation.
The auction house initially valued the properties at 3, 5, and 7 Saxonwold Drive, including their contents, at R64.5 million.
The final sale price reflects a 47% discount, which amounts to R30 million less than their combined pre-sale value.
Gupta mansions finally sold
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.
The Supreme Court of Appeal ruled that Confident Concept’s assets must be sold at auction. Only one of the three mansions, No 3 Saxonwold Drive, sold during the July public auction for R3.3 million, 40% below its R5.5 million valuation.
The other two properties failed to attract buyers at auction and were subsequently sold privately.
Park Village Auctions confirmed that the Business Rescue Practitioners (BRPs) accepted the final offers, with all securities secured.