At an asking price of a cool R20 million, the Gupta Family’s palatial Constantia mansion has been put on the market despite currently finding itself in a state of disrepair.
The seven-bedroom Bel Ombre property is located in one of Cape Town’s priciest residential areas and is one of the most expensive in the Southern Suburbs.
“Prime Constantia Upper opportunity situated on Dawn Avenue in the Bel Ombre pocket of Constantia,” reads the property listing on Hardie Properties’ website, advertising the 8105 square metre erf.
The property sports a seven-bedroom main house and a “generous” one-bedroom cottage on the north eastern boundary.
“The home is in a state of disrepair after many years of neglect and will require stripping down to the walls or demolishing.”
“The property has a guard house, generous domestic quarters, swimming pool and pool room, garaging and a larger than average, separate one bedroom cottage.”
Speaking to the Daily Maverick, agent Richard Huxham-Hardie confirmed that the mansion was listed for sale on 30 December, adding that the company was aware of the property’s association with the Gupta family.
The family bought the property for R17 million in 2005 from Mark Thatcher, the son of former British Prime Minister Margaret Thatcher, who was convicted, given a four-year suspended prison sentence, and fined in South Africa for funding the 2004 Equatorial Guinea coup d’état attempt.
In 2017, TimesLive reported on concerns raised about planned upgrades such as a large gatehouse/generator room with bulletproof glass, enlarged staff quarters and a better lapa, among other changes.
It was bought by the Guptas through their asset company, Islandsite Investments 180, which also owns the infamous Saxonwold mansion.
Currently, the company is subject to a restraint by the National Prosecuting Authority (NPA).
In June 2021, the property was attached after the Investigating Directorate (ID) of the NPA obtained an interim order to secure assets belonging to members of the Gupta family and former associate Iqbal Sharma and his company Nulane Investments 204, pending the outcome of a criminal case.
At the time, the Daily Maverick reported that the NPA had executed a wide-ranging restraining order for assets belonging to the Gupta family and their former associate, Iqbal Sharma. These included Islandsite Investments, one of eight Gupta-owned companies in business rescue.
Speaking on behalf of the Business Rescue Practitioners (BRP), Bouwer van Niekerk told the Daily Maverick that the sale was done in conjunction with a curator and BRP.
He added that the Gupta’s infamous Saxonwold property was not for sale at this stage and confirmed that the NPA had agreed to the sale of the Constantia property.
“Due to the property falling into disrepair, it was decided to sell the property to retain whatever value is left.”
More properties can be viewed on the Hardie Property website.
Pictures: Hardie Property