The Gupta family’s Saxonwold compound has been sold for R34.5m.
The three buildings on Saxonwold Drive – numbers 3, 5, and 7 – were sold separately, along with their furniture, which includes a range of archaic items.
Park Village Auctions' director Clive Lazarus announced on Tuesday that the business rescue practitioners (BRPs) had accepted and confirmed the offer.
“All three properties, namely numbers 3, 5, and 7 Saxonwold Drive, Sandton, Gauteng, and their contents (comprising furniture and appliances), fetched an estimated total of R34,500,000, inclusive of buyer’s commission and VAT,” Lazarus said.
He said the buyer also purchased number 7A Saxonwold Drive for R6.5m, including buyer’s commission and VAT separately.
“As all necessary securities have been received in good order, the assets formally belonging to Confident Concept (Pty) Ltd, which is now in business rescue, are confirmed as sold. The BRPs will receive their funds in accordance with the terms of the business rescue plan, and creditors can expect a welcome payday.”
Lazarus said there were no significant assets left from the South African arm of the Gupta empire to sell.
Over the years, Park Village Auctions and the BRPs have disposed of properties and assets belonging to Confident Concept, Islandsite Investments 180, Koornfontein Mines, Optimum Coal Mine, Optimum Coal Terminal, The New Age media house, and VR Laser Services.
“The business rescue practitioners are satisfied with this outcome. The sale signifies how we, with the BRPs, will be relentless in reclaiming funds owed to creditors.”
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