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
INSIDE THE GUPTA MANSION SOLD AT A ‘DISCOUNT’
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…
OTHER PROPERTIES ON AUCTION – AND WHY THEY DIDN’T SELL
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.
ARE YOU SURPRISED AT THE AUCTION RESULTS?
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.
