Property Flash


Authorities are trying to get any value they can from the Gupta family which played a huge role in state capture and corruption and then fled South Africa for Dubai

January 10, 2023

The notorious Gupta family’s houses are set to come on sale, over the next few months, as business rescue practitioners try to return as much money as they can to the Guptas’ creditors. The family which was involved in state capture which cost the country billions of rand, fled SA years ago and settled in the United Arab Emirates (UAE).

One of the homes which has come to market, is the family’s seven-bedroom family mansion located in Constantia, in the southern suburbs of Cape Town. At R20m, the property which has been neglected, is something of a steal for the well-heeled. I was bought through Islandsite Investments 180 which also owned the Gupta’s mansion in Saxonwold, Johannesburg.

The property, located in the Bel Ombre section of Constantia is 8105 m2 in size and includes an assortment of rooms, a pool and assistants quarters and facilities. It was bought for R17m in 2005 by the Guptas. It was previously owned by former British Prime Minister, Margaret Thatcher.

The company is part of a restraint by the National Prosecuting Authority (NPA). The organisation attached Islandsite in June 2021 after its Investigating Directorate gained an interim order to secure the assets of the Gupta family and is former associate, Iqbal Sharma and his company, Nulane Investments. The NPA has agreed to the sale of the Constantia property but not the Saxonwold mansion yet.

The NPA has requested an extradition request to UAE authorities for two criminal cases. One involves fraud around Estina dairy farm and one involves a Nulane Investments fraud and money laundering case, both having taken place in he Free State.

Picture courtesy of Hardie Property

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