Gupta Saxonwold mansions are back on sale. Why buyers keep staying away
Two former Gupta mansions in Saxonwold are back on the market at a fraction of their 2025 valuation, after a sale fell through. Here's what's on offer and why buyers are wary.
Two of the Gupta family's former mansions in Saxonwold, Johannesburg, are back on the market after last year's sale fell through. The asking prices are R10 million and R12 million, and the seller may consider lower offers, Bloomberg reported via Moneyweb on 27 October.
That is a steep drop. The two homes had a pre-listing valuation of about R59 million before the 2025 auction, BusinessTech calculated, which puts the combined R22 million asking price roughly 63% lower.
What is for sale?
Two neighbouring houses that formed part of the Gupta compound, according to the listings described by Bloomberg:
- A seven-bedroom house with an indoor swimming pool, a thatched outdoor entertainment area, a mini cricket pitch, water features and a garden with endangered cycads
- An 11-bedroom house with a beauty parlour, a cinema lounge and a rooftop terrace
A third, smaller house was part of the original auction package. It was listed as under offer in June at R4 million, with notice given that it would be demolished, BusinessTech reported.
News24's version of the report gives the asking prices as R7 million and R8 million. Reported could not see the listing itself, so check the price with the agent before you plan around it.
Why haven't they sold?
The business rescue practitioner says buyers are put off by the history and the state of the buildings. "We've been battling to find buyers due to the stigma associated with the properties and because of the poor state they're in," Kurt Knoop of Manci Knoop Financial Services told Bloomberg. He said they had been talking to a couple of people and hoped for a sale soon.
The homes were owned by Confident Concept, a Gupta-linked company that went into business rescue in 2018. Money from the sale will go towards creditors' claims, Knoop said.
Why are these houses famous?
The Saxonwold compound features heavily in the state capture story. The Zondo commission heard that the brothers held meetings at the properties where guests were offered kickbacks and government posts, Moneyweb reported.
Atul and Rajesh Gupta are wanted in South Africa on charges including money laundering and fraud. A UAE court refused South Africa's extradition request in 2023, News24 reported. The Guptas have denied any wrongdoing.
Can you go and see them?
Yes, if you're a serious buyer. An open house is planned for this weekend (31 October and 1 November), and visitors must bring identification and proof of funds, according to the listing.
FAQ
How much are the Gupta Saxonwold mansions selling for?
Bloomberg reported asking prices of R10 million and R12 million for the two houses, with lower offers possibly considered. News24's version of the report listed R7 million and R8 million, so confirm the price with the agent.
Who gets the money from the sale?
The homes belong to Confident Concept, a Gupta-linked company in business rescue since 2018. Its business rescue practitioner says the proceeds will go towards creditors' claims.
What do you need to attend the open house?
According to the listing, visitors to this weekend's open house must show identification and proof of funds.