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Date: 08/11/2019     The Auctioneer

Gupta/Magashule Jr Famed Saxonwold Property On The Block

Gupta/Magashule Jr Famed Saxonwold Property On The Block
This Saxonwold family home (famed for housing Tshepiso Magashule) will be up for auction on the 18th of November.

The auction date for the Gupta-owned property from which Tshepiso Magashule (son of ANC veteran and secretary general, Ace Magashule) was evicted has been set.

It appears that the Business Rescue Practitioners (BRP) overseeing matters related to Confident Concept (Pty) Limited—one of the several Gupta companies placed under business rescue—are determined not to waste any time in realising the Gupta assets.

Advertisements released in partnership between Park Village Auctions and Goindustry Dovebid, jointly appointed by the BRPs, this week announced the sale of 18 Avonwold Road, Saxonwold, taking place on Monday the 18th of November at 11 am.

The 1 119 sqm luxury home comprises an entrance foyer, a lounge, a TV room, a dining room, a kitchen, three bedrooms and two bedrooms (one of which is en-suite). A covered patio gives access to a front garden and swimming pool. The property further features a double garage, and a single bedroom and bathroom staff quarter.

As security must be in attendance, viewing is to be arranged by appointment by contacting PVA’s Carol Cherrington on 011 789 4375 or emailing auctions@parkvillage.co.za. 

Commenting on the upcoming sale, Clive Lazarus of PVA said that the sale represents a prime opportunity for those seeking to acquire a luxury home in the highly sought-after affluent suburb of Saxonwold at a favourable rate. According to figures on property24.com, residential houses in the area fetch anything upwards of R3million, with some going up to R20million.

The property in question made headlines on the 28th of October after the successful eviction of Magashule Junior, who had been contesting the issue for many months prior—delaying the BRPs’ efforts to recover funds that will be used to settle debts with creditors.

According to Lazarus, this is also the first of several Saxonwold-based Gupta-owned properties to be auctioned by Park Village Auctions, “We are awaiting instruction to sell [the remaining properties] from the business rescue practitioners.”

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