Gupta mansions flop at auction — only one sold for R3.3m

Gupta

Johannesburg – Only one of the three high-profile Gupta-linked properties in Saxonwold was sold at auction on Thursday, with the remaining two failing to attract acceptable bids, despite strong interest and widespread public attention.

The auction, hosted by Park Village Auctions, forms part of a broader business rescue effort tied to Confident Concept, a company owned by the Gupta family and currently under administration.

The sale followed a six-week public campaign and was mandated by the Supreme Court of Appeal after years of legal wrangling over the assets.

The only successful sale was No. 3 Saxonwold Drive, a three-bedroom, single-storey home on a 3,000 m² stand, valued at R5.54 million, which went under the hammer for R3.3 million — about 40% below its valuation.

Despite this drop, auctioneers said the result exceeded expectations and is pending final confirmation by the business rescue practitioners, BusinessTech reported.

The two larger properties, No. 5 and No. 7 Saxonwold Drive, failed to find buyers at the auction:

  • No. 5, a sprawling 4,207 m², three-level mansion with eight bedrooms, an indoor swimming pool, rooftop patio, and staff quarters, was valued at R21.73 million.

  • No. 7, a luxurious 1,720 m² estate boasting 17 en-suite bedrooms, a cinema, salon, and triple-volume foyer, carried a R36.86 million price tag.

While the real estate itself remained unsold, the movable contents inside fetched modest sums: R100,000 for No. 5 and R60,000 for No. 7, according to The Citizen.

Auctioneer Clive Lazarus cited several factors behind the hesitation, including:

  • The controversial history of the properties, once occupied by the politically connected Gupta brothers.

  • Valuation discrepancies and unresolved legal and financial liabilities.

  • High monthly municipal rates and taxes, reportedly up to R30,000 per property, which pose a significant burden to potential buyers.

With two properties unsold, the business rescue practitioners are expected to relaunch them via private tender, a move that will allow greater flexibility and buyer anonymity.

The Saxonwold homes were vacated by Atul, Rajesh and Ajay Gupta in 2018 when they fled to Dubai amid mounting allegations of state capture and corruption.

The properties were said to have hosted top politicians and government officials during the height of the Guptas’ influence.

Although an attempt to extradite Atul and Rajesh in 2022 failed, the National Prosecuting Authority (NPA) maintains its intention to bring the brothers back to South Africa to face charges relating to the Vrede Dairy Farm and Nulane Investments cases

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