Charles Esther
Park Village Auctions has confirmed the sale of all three Gupta-owned luxury mansions in Saxonwold for a combined R34.5 million.
The sale price is almost half their original combined valuation of R64.5 million.
Massive Price Drop on High-Profile Properties
The three properties — located at 3, 5, and 7 Saxonwold Drive — were collectively sold at a 47% discount, representing R30 million less than their pre-sale value.
Individual Valuations vs Final Sale Prices
- No. 3 Saxonwold Drive – Originally valued at R5.5 million, sold at auction for R3.3 million, 40% below its valuation.
- No. 5 Saxonwold Drive – Valued at R22 million, later sold privately after failing to sell at auction.
- No. 7 Saxonwold Drive – Valued at R37 million, also sold privately after the auction.
Linked to Business Rescue Proceedings
These sales were part of the business rescue process for Confident Concept (Pty) Ltd, a Gupta-linked company facing multiple legal and financial challenges.
The company had a dispute with the City of Johannesburg over unpaid rates and taxes of R726,695 in 2022 and was also embroiled in other litigation involving related entities.
Supreme Court Order Led to Auction
A Supreme Court of Appeal ruling ordered the liquidation of assets belonging to Confident Concept.
While No. 3 Saxonwold Drive sold at the public auction in July, the other two properties only found buyers in private sales later.
Final Offers Approved by Business Rescue Practitioners
Park Village Auctions confirmed that the Business Rescue Practitioners have accepted the final offers, with all legal and financial securities secured.
David Awoyode