SOUTH AFRICA & WORLD

First Gupta asset goes on auction in Saxonwold

This is the first of several Saxonwold-based Gupta-owned properties to be auctioned by Park Village Auctions. The auction date for the Gupta-owned property from which Tshepiso Magashule (son of ANC veteran and secretary-general Ace Magashule) was recently evicted has been set.

First Gupta asset goes on auction in Saxonwold

It appears the business rescue practitioners (BRPs) overseeing matters related to Confident Concept (Pty) Limited – one of the several Gupta companies placed under business rescue – are determined not to waste any time in realizing the Gupta assets.

Advertisements released in partnership between Park Village Auctions (PVA) and GoIndustry Dovebid, jointly appointed by the BRPs this week, announced the sale of 18 Avonwold Road, Saxonwold, on Monday, November 18, at 11am.

The 1,119-square-meter luxury home comprises an entrance foyer, a lounge, a TV room, a dining room, a kitchen, three bedrooms and two bathrooms (one of which is en-suite). A covered patio gives access to a front garden and swimming pool.

The property also features a double garage and staff quarters comprising a single bedroom and bathroom.

As security guards must be in attendance, viewing is to be arranged by contacting PVA’s Carol Cherrington on 011-789-4375 or e-mailing auctions@parkvillage.co.za.

Commenting on the upcoming sale, Clive Lazarus of PVA said it represented a prime opportunity for those seeking to acquire a luxury home in the highly sought-after affluent suburb of Saxonwold at a favourable price.

According to figures on property24.com, residential houses in the area fetch anything upwards of R3 million, with some going up to R20 million.

The property in question made headlines on October 28 after the successful eviction of Magashule Junior, who had been contesting the issue for many months and delaying the BRPs’ efforts to recover funds that will be used to settle debts with creditors.

According to Lazarus, this was also the first of several Saxonwold-based Gupta-owned properties to be auctioned by Park Village Auctions.

“We are awaiting instruction to sell [the remaining properties] from the business rescue practitioners,” Lazarus said.

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