Table of Contents
Key Points
- Three Gupta-owned Johannesburg homes sold for $2 million, about 47% below their combined $3.64 million municipal valuation.
- Sales form part of a business rescue plan for Gupta-linked Confident Concept, which owes over $40,000 in municipal rates and taxes.
- Properties, once political power hubs, were sold with furniture and appliances by Park Village Auctions after failed public auction attempts.
Three luxurious properties in Saxonwold, one of Johannesburg’s oldest and most exclusive suburbs, formerly owned by Indian-born businessmen Atul, Rajesh, and Ajay Gupta, have been sold for a combined R34.5 million ($2 million).
This is a steep drop from their municipal valuation of R64 million ($3.4 million) reported in July. Park Village Auctions, a South African independent auctioneering firm known for handling high-profile sales, confirmed that the homes at No. 3, 5, and 7 Saxonwold Drive were sold along with furniture and appliances.
Gupta-linked homes sell at discount
The properties were initially put up for public auction following a Supreme Court of Appeal ruling. Only one home sold at that auction, with the others later sold through private deals brokered by Park Village Auctions. Overall, the sales reflect a discount of about 47 percent from the combined valuation of R64.5 million ($3.64 million). Separately, the buyer also purchased 7A Saxonwold Drive for R6.5 million ($0.37 million).
These sales are part of a business rescue plan for Confident Concept (Pty) Ltd, a Gupta-linked company under South Africa’s business rescue process. The company, which registered the three properties, entered this protection in 2018 after facing legal and financial challenges, including owing over R700,000 ($40,000) in rates and taxes to the City of Johannesburg. Creditors hope the auction proceeds will finally bring some resolution.
From Saxonwold estates to exile
The Gupta brothers arrived in South Africa in the early 1990s, sent by their father to explore business opportunities after apartheid. Atul Gupta soon launched Sahara Computers, a company importing and selling personal computers. Working closely with his brothers, the business expanded steadily, and their network of political contacts grew, eventually giving them access to influential figures at the highest levels of government.
In 2006, the family began acquiring properties in Saxonwold. Behind the high walls of their estates, they entertained politicians and fostered alliances. But as their influence grew, public scrutiny intensified. The once-quiet suburb became a symbol of the intersection between private wealth and political power, drawing protests and calls for accountability amid mounting concerns over state capture and corruption.
From Pretoria to Dubai, justice eludes
By 2018, pressure within the ruling African National Congress and rising public anger forced President Jacob Zuma, widely seen as aligned with the Guptas, to resign. By then, the brothers had already relocated to Dubai.
In 2022, Interpol issued red notices for Atul and Rajesh Gupta, leading to their arrest in the UAE. A year later, hopes of their extradition were dashed when a court in the Emirates rejected South Africa’s request. Around the same time, prosecutors in South Africa dropped an earlier arrest warrant for Ajay Gupta.
