R2.6m wins one of the Gupta’s Saxonwold homes

BUSINESS RESCUE: CREDITORS ARE AWAITING PAYMENT

Park Village auctioneer says the price achieved for the 1 119m2 property in the affluent suburb is an indication of what to expect from the sale of four other Gupta-owned residences.

The Saxonwold home (famed as the previous residence of ANC secretary-general Ace Magashule’s son) has been sold for R2.6 million. It was the first of five properties belonging to Gupta-owned Confident Concepts (Pty) Ltd to be sold by Park Village Auctions (PVA) and GoIndustry DoveBid, jointly appointed by the Business Rescue Practitioners (BRP). A coal mine will be brought to market as well.

PVA’s head auctioneer Clive Lazarus said: “We see the sale as an indication of what to expect with the remaining Gupta properties.

“Justice will out for the creditors awaiting payment, albeit slow as a result of the delicate nature of the matter.

“Transparency and following the law to the letter are paramount and we believe this property signals a turning point in the saga.

“The wheel has started to turn, and we await instructions from the BRP for the remaining properties.”

The auction was well attended by a “large audience of serious and qualified buyers,” said Lazarus.

He added that most bidders appeared to be from the area and clearly understood the value, of a 1 119m2 property in the affluent suburb of Saxonwold.

Lazarus went on to say that the buyer, a young professional, had done his homework and come prepared, with the gavel falling at R2.6 million, excluding VAT. The sale is subject to confirmation by BRP.

“All things considered, we believe that is a fair price for both the buyer and seller.”