Photo: Park Village Auctions
  • A house owned by the Gupta family was sold on auction on Monday morning for R2.6m. The Guptas bought it for R3.2m in 2011.
  • The property - 18 Avonwold Road, Saxonwold - is the same house from which Tshepiso Magashule, son of ANC secretary general Ace Magashule, was forcefully removed, according to a Mail & Guardian report.
  • The property includes a plot of almost 1,200m2 with a three-bedroom home, a swimming pool and a staff bedroom.
  • For more stories, got Business Insider SA.

One of the Saxonwold houses belonging to the Gupta family was sold at auction for R2.6m on Monday morning, according to the auctioneer  Park Village Auctions.

The Guptas bought the property for R3.2m in 2011. Last year, a house two doors down from the Gupta property - 18 Avonwold Road, in Saxonwold -  was sold for more than R5 million.

The Gupta property is the same house from which Tshepiso Magashule, son of ANC secretary general Ace Magashule, was forcefully removed, according to a report by the Mail & Guardian.

Park Village Auctions lists the company Confident Concept, which is now in business rescue, as the owner of the house. Atul, Chetali, Rajesh, Arti and Varun Gupta are all listed as past directors, according to company records

The Mail & Guardian reported that business rescue practitioners had to forcefully removed 36-year-old Magashule and that he left behind his bull terrier, which neighbours had to feed.

Tshepiso worked for a Gupta company. He and his wife lived in a house about a kilometre away from the Gupta mansion in Saxonwold, News24 previously reported.

Several Gupta companies and properties are under business rescue, and currently being sold off to recover debts. The family's Koornfontein coal mine was recently sold to Black Royalty Minerals.

The Saxonwold property which was auctioned off on Monday includes a plot of almost 1,200m2 with a three-bedroom home, a swimming pool and a staff bedroom.

gupta
Photo: Park Village Auctions
Photo: Park Village Auctions
Photo: Park Village Auctions
Photo: Park Village Auctions


Park Village Auctions did not want to confirm the identity of the buyer.

Compiled by Helena Wasserman

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