Low Prices and Long Shadows as Gupta Mansions Auctioned in Saxonwold

The Gupta family’s old Saxonwold estate went under the hammer this week, but instead of high prices and fierce bidding wars, the auction ended quietly — and with a few surprises.

Most of the houses on the compound sold for way less than their original value, leaving people wondering how something once so rich and powerful could end up here.

One of the homes, called Property 3, used to be the staff quarters. On Thursday, it sold for R3.3 million. A few years ago, it was worth around R5 million. But the biggest shock came with Property 5, the so-called “White House” where the Gupta family lived. That house used to be valued at over R21 million. On auction day, it only got a bid of R4 million.

And it did not stop there. Property 7, which once had a price tag of R36.8 million, had just one interested buyer who only offered R3 million. It was hard to ignore how much value had disappeared from these once-famous addresses.

Clive Lazarus, from Park Village Auctions, was in charge of the sale. He said no one was surprised by the low numbers. “These places have not been touched since 2018. No one has maintained them. Add the name Gupta to that, and buyers get nervous,” he said.

Real estate experts say those who did buy walked away with a bargain. Lance Cohen, head of Lance Real Estate, said you can not get much for R3.3 million these days. “That is cheap for a house in Saxonwold. In Cape Town’s Sea Point, that would not even get you a small apartment,” he said.

But even with low prices, it is hard to ignore the baggage. For years, these properties were connected to political scandal, public anger, and endless headlines.

Now, they are just buildings waiting for new owners and new stories. Whether the new buyers will keep them as they are, renovate them, or tear them down is still unclear.

One thing is for sure — the Gupta compound is no longer what it used to be. What was once powerful and untouchable has now been reduced to auction lots with bargain bids. It shows just how fast fortunes can turn, and how the truth eventually catches up.