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.

simon.majadibodu@iol.co.za

IOL News

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