why are the Gupta-owned properties in johannesburg being auctioned?

The properties are being auctioned as part of business rescue proceedings following financial distress and legal disputes involving Confident Concept, a Gupta-owned company.

Where are the Gupta properties located that are being auctioned?

The three properties are located in the affluent suburb of Saxonwold, Johannesburg.

What are the addresses of the Gupta properties being auctioned?

The addresses of the properties are 3, 5, and 7 Saxonwold Drive.

When is the auction scheduled to take place for the Gupta properties?

The simulcast auction is scheduled for Thursday, July 24, at 11 a.m. via Park Village auctions' website.

What kind of properties are included in the Gupta Saxonwold auction?

The properties range from a modest three-bedroom home to opulent mansions with multiple bedrooms, entertainment areas, and unique features like indoor swimming pools and beauty salons.

Gupta-Owned Properties in johannesburg to Be Auctioned

Table of Contents

Gupta-Owned Properties in johannesburg to Be Auctioned
- The Properties for Sale
- Images of the Properties

Three Johannesburg properties belonging to Confident Concept,a Gupta-owned company in business rescue,are being sold at auction.

The three high-profile Saxonwold properties are going on auction, with their owner embroiled in litigation since 2018.

Park Village Auctions’ Clive Lazarus said that the sale signals the “beginning of the end” of a seven-year saga.

Confident Concept has been involved in two major legal fights: business rescue proceedings following financial distress and disputes over property development with municipal authorities.

The company has a massive portfolio of properties, including the controversial family’s compound in the affluent suburb of Saxonwold.

The company was involved in litigation with the City of Johannesburg (CoJ), allegedly owing R726,695 in rates and taxes as of 2022.

Other legal challenges ran concurrently, with the company and other Gupta-linked entities entering business rescue proceedings.

These proceedings were marked by major internal conflict and legal action over managing the company and its assets.

The Supreme Court of Appeal has since ruled that Confident Concept’s properties go up for auction,with the creditors now set for a payday.

The Properties for Sale

The properties on auction differ extensively, with those being sold ranging from modest to opulent to unbelievable.

The first is 5 Saxonwold Drive, a huge three-storey residence featuring eight bedrooms, extensive living and entertainment areas, an indoor swimming pool and ample garaging.

PVA said that the mansion, measuring 4207 square meters, will appeal to affluent homeowners who want to make a statement, and is one of the largest in Johannesburg North.

Number 7 Saxonwold Drive is also going under, with the panhandle property consisting of three storeys and a vast 17 en-suite bedrooms.

The premises also feature a grand, triple-volume foyer with an atrium-like domed skylight, multiple lounges, a cinema lounge, a beauty salon and staff accommodation.

Number 7 Saxonwold Drive is zoned residential one, and could, with the necessary approval, be converted into three or more residential units.

The final property to be auctioned is number 3 Saxonwold Drive, which comprises an older, single-storey, three-bedroom home with a single garage, storeroom and staff accommodation.

The contents of each house, especially the furniture and appliances, will be sold as a single lot following each respective property. Registration for the furniture will grant participation in the property auctions.

All interested bidders can attend public viewings of the properties, which will be held on July 6th, 13th, 19th, and 20th from 10 a.m. to 4 p.m.

Park Village Auctions will host a simulcast auction,scheduled to take place on Thursday,July 24,at 11 a.m., via its website.

A R500,000 refundable auction deposit is required for the 7 and 5 Saxonwold Drive auctions, while a R250,00 deposit is necessary for the 3 Saxonwold Drive development.