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 Johannesburgs 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 discountThe 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.