Gupta compound auctioneers to return to business rescue practitioners for instructions
The compound went on auction on Thursday, as the State looks to recover millions from the controversial brothers who have since fled the country.
Three properties belonging to Gupta-owned company, Confident Concept, will go on auction. Photo: Facebook/Park Village Aunctions
JOHANNESBURG - The auctioneers in charge of disposing of the infamous Gupta compound said they will return to the business rescue practitioners for instructions after two of the three properties were not sold.
The compound went on auction on Thursday, as the State looks to recover millions from the controversial brothers who have since fled the country.
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Out of the three properties, only the more modest house that was used as staff quarters was sold for R3.3 million.
The two luxurious houses, one with 17 en suite bedrooms and another with an indoor pool, were not auctioned.
The head of disposal at Park Village Auctions, Graham van Niekerk, said they anticipated struggling to sell the larger properties.
“So, we have a plan B, and we will now go back to the business rescue practitioner and get an instruction from them, but in all likelihood, we will put together a plan to sell by offer or consultative process with parties that have shown some interest.”