Only One Gupta-Linked Saxonwold Property Sells as Luxury Mansions Stay on Market

Big money, bigger stigma

On Thursday, the auction block told a story not just about property values, but also the heavy legacy that haunts the Gupta family’s once-glittering Saxonwold estate. While a modest staff residence at 3 Saxonwold Drive found a new owner at R3.35 million, the two sprawling mansions famed or infamous for their links to the state capture era failed to spark serious bidding interest.

Luxury homes priced out by history and cost

The six-bedroom mansion at 7 Saxonwold Drive had a hopeful starting bid of R5 million, yet only managed a single R3 million offer. Next door, the vast eight-bedroom, three-storey home at number 5 didn’t even get one bid, despite municipal valuations at a staggering R21 million and R36 million respectively.

But it’s not just the price tag deterring buyers. The ongoing costs are heavy, municipal rates of nearly R20,000 and R30,000 per month in levies weigh on anyone considering these properties. Auctioneer Clive Lazarus highlighted this challenge, explaining the auction’s slow pace as a typical feature for such unique, complicated estates.

A long road ahead

With no sales success on the mansions, both properties now return to the business rescue process, signaling a drawn-out effort to find buyers who can navigate the complexity and controversy tied to these homes. Lazarus stressed that the auction was just one step in a multi-stage, transparent sales strategy, especially given the public scrutiny these properties attract.

Meanwhile, movable assets from the mansions sold for a fraction of their former glory R100,000 from number 5 and R60,000 from number 7, although those figures still await final confirmation.

Next chapter: private tenders

Looking ahead, the properties are expected to move onto private tender rounds, a more discreet option to appeal to serious investors who might be wary of the public spotlight. Lazarus remains cautiously optimistic: “We are confident that we will realise these properties at realistic market rates.”

Public sentiment and the bigger picture

Social media buzzed with a mix of cynicism and curiosity as South Africans watched once-iconic symbols of wealth and scandal struggle to find footing in a tough market. For many, these auctions symbolize how deeply the Gupta saga has impacted not just politics but also the tangible fabric of South African property and investment.

In Saxonwold, the ghosts of state capture linger in bricks and mortar,  a reminder that not all fortunes are forever, especially when they come with a heavy price of controversy.

{Source: IOL}

Follow Joburg ETC on Facebook, Twitter , TikTok and Instagram

For more News in Johannesburg, visit joburgetc.com