Landmark Gupta-Linked Property Auction Signals Conclusion to Seven-Year Saga
Three high-profile Saxonwold properties belonging to Confident Concept (Pty) Limited (in Business Rescue), a Gupta-owned company embroiled in litigation since 2018, are finally going under the hammer.
Park Village Auctions today posted listings for the simulcast auction, scheduled to take place on Thursday, 24 July, at 11 am, on its website. Commenting on the sale of the Gupta-linked properties, which includes their former residence, PVA’s Clive Lazarus says this sale signals the “beginning of the end” of the seven-year saga.
Confident Concept (Pty) Ltd has been involved in two major areas of legal contention: business rescue proceedings following financial distress and disputes over property development with municipal authorities.
The company held a substantial portfolio of properties, including those adjacent to the notorious Saxonwold compound in Johannesburg, which was involved in litigation with the City of Johannesburg (CoJ), allegedly owing R726,695 in rates and taxes as of 2022.
Running concurrently with the municipal legal challenges, but starting in 2018, Confident Concepts and other Gupta-linked companies entered into Business Rescue proceedings, marked by significant internal conflict and legal action over the management of the company and its assets. A court case and several appeals that eventually reached the Supreme Court of Appeal have further drained national resources while prolonging the matter for seven years.
Finally, the Appellate Division has ruled, allowing the Confident Concepts properties to go up for auction and “hopefully lead to a long-awaited payday for creditors,” says Lazarus.
The properties to be sold range from modest to opulent and unbelievable.
First on the block will be number 5 Saxonwold Drive, a magnificent three-storey residence featuring eight bedrooms, extensive living and entertainment areas, an indoor swimming pool, an expansive rooftop patio, staff accommodation, and ample garaging. The mansion, measuring 4,207 sqm, will appeal to affluent homeowners who want to make a statement, as it is said to be one of the largest in Johannesburg North.
Number 7 Saxonwold Drive follows. This is a panhandle property comprising three storeys and a staggering 17 en-suite bedrooms! The premises also features 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 1, and with some vision and the necessary approval, can “potentially be converted into three or more residential units”, says PVA’s bidder’s pack.
The final property to be sold is number 3 Saxonwold Drive, comprising an older, single-storey, three-bedroom home with a single garage, storeroom, and staff accommodation.
The entire contents of each house, namely furniture and appliances, will be sold as a single lot (not individual items) following each respective property. It must be stated registration for the furniture does not grant participation in the property auctions. Only those who have registered and paid the relevant refundable deposits may bid on the properties.
However, all interested bidders are invited to attend the public viewings, which will be held on July 6th, 13th, 19th, and 20th from 10:00 to 16:00.
Media viewings will be held on June 23rd (11:00-15:00) and June 30th (10:00-16:00).
Anyone wishing to attend the viewing must book online at www.parkvillageauctions.co.za using web reference 1853.
In closing, Lazarus says that he is humbled by Park Villages Auctions’ being entrusted to dispose of assets of such political significance once again, recouping millions for the corruption-afflicted creditors.
PVA has taken the lead on several high-profile auctions, including the infamous BOSASA campus and equipment, as well as tenderpreneur Hamilton Ndlovu’s fleet of luxury vehicles.
Regarding Gupta-link companies, Lazarus says: “From VR Laser Services (Pty) Ltd back in 2018, to Optimum Coal Mine, Optimum Coal Terminal and Koornfontein Mines, Shiva Uranium, The New Age Media, Islandsite Investments 180, and now the remaining Confident Concept properties, PVA has remained committed to achieving the best possible results on behalf of the Business Rescue Practitioners, and so play our part in justice being served.”
ENDS
