JOHANNESBURG - The once-glamorous Gupta compound in Saxonwold, Johannesburg, went under the hammer on Thursday but sold at significantly lower prices than expected.
One of the houses, known as Property 3, which once served as staff quarters, sold for just R3.3-million, which is a decrease from its original amount of R5-million.
Property 5, known as the “White House”, where the Gupta family lived, received a paltry bid of just R4-million.
The house was previously valued at R21.7-million.
Meanwhile, a prospective buyer bid just R3 million for Property 7 valued at R36.8-million.
Clive Lazarus, a Director at Park Village Auctions, who facilitated the sale, says they weren’t surprised by the low offers.
He believes this is due to the infamy of its owners.
"There was no surprise when it came to numbers 5 and 7. There has been interest, but there is a big stigma, and the property has been neglected since 2018. And no maintenance has been done since then".
The Gupta brothers, Rajesh, Atul and Ajay who once called the compound home, were identified as central figures in South Africa's state capture. They remain fugitives after fleeing the country in 2016.
Real estate experts believe the winning bidders scored a good deal.
CEO of Lance Real Estate, Lance Cohen, says R3.3-million for a house in Saxonwold is a bargain in today’s property market.
"R3.3 million does not buy you anything today. In Cape Town, one can not even buy a one-bedroom apartment in Sea Point for that kind of money," he says.