Three Gupta-Linked Saxonwold Mansions Sell for R34.5m

JOHANNESBURG

Park Village Auctions confirmed the sale of three Gupta-owned mansions on Saxonwold Drive for R34.5 million, nearly half their original combined valuation.

The auction house had initially valued properties at 3, 5 and 7 Saxonwold Drive – including contents – at R64.5 million. The final sale price reflects a 47% discount, equivalent to R30 million less than the pre-sale value.

The sales form part of the business rescue process for Confident Concept (Pty) Ltd, a Gupta-linked company facing financial challenges. The company was previously in dispute with the City of Johannesburg over unpaid rates and taxes totalling R726,695 in 2022 and is involved in other litigation alongside related entities.

The Supreme Court of Appeal had ruled that Confident Concept’s assets must be sold at auction. Only one property – No. 3 Saxonwold Drive valued at R5.5 million – sold during July’s public auction, fetching R3.3 million.

The remaining two mansions failed to attract bidders at auction and were later sold privately. Park Village Auctions stated that the business rescue practitioners accepted the final offers with all necessary securities secured.