Publications
This article forms part of the archives of Business Insider South Africa, which was published as a partnership between News24 and Insider Inc between 2018 and 2023.
- Gupta-owned properties in Cape Town and Durban are set to be sold early next year.
- The properties were believed to be used to house guests of the Gupta family.
Two upmarket properties in Constantia, Cape Town, and Umhlanga Rocks, Durban, owned by the infamous Gupta family are set to be sold early the next year.
The properties were believed to have been used as guest houses for guests of the Gupta family, with staff still working at the properties.
Clive Lazarus from Park Village Auctions, who is involved in the sale of Gupta-owned properties across South Africa, said he believes the house in Constantia will reach between R8 million to R12 million, and the Umhlanga property should reach around R9 million.
Lazarus said the business rescue practitioners need to finalise arrangements before they can place the properties on the market.
The properties are apart of the Gupta family’s vast property portfolio in South Africa, which includes commercial buildings and a vast complex in Saxonwold, Johannesburg.
They are all being auctioned off after most of the family’s South African businesses have been placed under business rescue.
Also read: These prime Gupta properties will be auctioned soon - including the infamous Saxonwold compound
The Gupta family is currently believed to be residing in Dubai.
Recently a Saxonwold home which housed Ace Magashule's son was sold for R2.6 million after it was bought for R3 million seven years ago.
A private plane owned by the family is also set to be sold in the next coming few months.
The Gupta family is accused of widespread corruption in South Africa and having undue influence over government decisions such as cabinet appointments.
The United States (US) recently blacklisted the Gupta-brothers Ajay Gupta, Atul Gupta, and Rajesh Gupta over their alleged corrupt activities in South Africa.
"[US] treasury’s designation targets the Guptas’ pay-to-play political patronage, which was orchestrated at the expense of the South African people," the country’s deputy secretary of the treasury Sigal Mandelker said in a statement.
Receive a daily update with all our latest news: click here.
Also from Business Insider South Africa:
- These prime Gupta properties will be auctioned soon - including the infamous Saxonwold compound
- Earning big bucks and packaging Zam-Buk - what we know about the new Eskom CEO
- FNB launched its zero-fee bank account ahead of Bank Zero - here’s how it compares to other entry levels accounts
- Shoprite: Christmas came early thanks to Springbok World Cup win
- Avbob introduces a new 'green' cremation - no flames, just water and heat
- Kulula, BA planes may have to be serviced overseas if strike drags on - FlySafair says it can't help
