2 days ago
- Business
- The South African
Inside the Gupta mansion sold for almost HALF the price
One of the former Gupta family's three Saxonworld mansions was sold for almost half its price at an auction this week. The property received just one bid.
The estates have made headlines over the years after the City of Johannesburg revealed that it owned over R700 000 in unpaid municipal rates.
As part of a business rescue plan attached to the controversial family's bankrupt Confident Concept, the properties and moveable assets were placed on public auction by the Supreme Court of Appeal
According to Park Village Auctions, just one Gupta-owned property was auctioned off this week – number 3 Saxonworld Drive, at just R3.3 million.
The three-bedroom staff residence received just one bidder. The 3,687m², single-storey home was initially priced at R5 million. Auctioneer Clive Lazarus said: 'The property, which was reportedly used for staff accommodation or security quarters, is in a state of disrepair'.
Take a look inside… Inside number 3 Saxonworld Drive. Images via Park Village Auction Images via Park Village Auction
The auction also placed numbers 5 and 7 Saxonworld Drive – part of the Gupta compound, on auction. Neither received any bids.
Number 5 is a three-story, eight-bedroom, five-en-suite mansion with an indoor pool and rooftop patio. While the R21.73 million mansion remains on the market, its contents were sold for R100 000.
Number 7 Saxonworld is the biggest property, boasting 17 en-suite bedrooms, a cinema, a beauty salon, and a triple-volume foyer. It is valued at R36.86 million. The contents of the hotel-esque property sold for just R60 000.
According to Park Village Auctions disposal manager Graham van Niekerk, the two properties failed to sell due to several factors, such as high municipal rates, restrictive residential zoning, structural damage, and the 'stigma' associated with the Gupta name.
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