How much did the house Tshepiso Magashule was evicted from fetch at auction?

A Gupta-owned property in Johannesburg from which ANC secretary-general Ace Magashule's son, Tshepiso Magashule, was evicted, was auctioned for R2.6m on Monday.

The Mail & Guardian reported in October that Tshepiso Magashule had to be forcefully removed from the Saxonwold property he was living in, after months of resistance.

The newspaper reported that Magashule used the R3m house as his residential address.

This was one the first of several Saxonwold-based Gupta-owned properties to be auctioned. The Guptas are at the heart of state capture allegations and have since left the country.

According to Park Village Auctions, the 1,119m² luxury home comprises an entrance foyer, lounge, TV room, dining room, kitchen, three bedrooms and two bathrooms (one of which is en suite). A covered patio gives access to a front garden and swimming pool. The property has a double garage, and a single bedroom and bathroom as staff quarters.

The bidding process started at R1m; however, it only took two to three bids to reach the R2m mark. Shortly after that, the price rose to R2.5m and bidders battled it out, edging the price slightly higher until the buyer stepped in at R2.6m, PVA said.

The name of the person who bought the house is not being disclosed.

It is now up to the business rescue practitioners to accept or reject the offer, according to Park Village Auctions (PVA). A deposit was paid and if the offer is accepted the buyer will have 30 days to pay the balance or produce guarantees.

If declined, the deposit will be refunded.

PVA’s Clive Lazarus said it was likely that the offer would be accepted. He said the sale indicated a turning point for creditors awaiting payment.

“Though these matters take time, the wheel is starting to turn. The BRP and joint auctioneers Park Village Auctions and GoIndustry DoveBid are foremost ensuring that the law is upheld to the letter and note that transparency in the process is paramount,” he said.

PVA was awaiting instruction from the business-rescue practitioners regarding the sale of the remaining properties.

One of the Guptas’ luxury jets is also likely to be sold following the conclusion of litigation in the UK between Canada's export credit agency, Export Development Canada (EDC) and Gupta-owned Westdawn Investments.

EDC had lent the Guptas $41m to buy the Bombardier Global 6000 jet.

In 2018, EDC approached the high court in Johannesburg, asking it to direct that the jet be grounded on the basis that the Gupta family had defaulted on repayments, and to stop it from using it to commit crimes or flee from justice.

In a statement on its website earlier in November, EDC said since the SA court had grounded the plane and the export credit agency had stored and maintained the aircraft.

In December 2018, the SA court approved EDC’s application to market the aircraft for eventual sale. It said the settlement of the UK litigation concluded the related proceedings in SA, removing the injunction that grounded the aircraft.

As a result, EDC could proceed with selling the jet once a suitable buyer was found.

quintalg@businesslive.co.za