The property in question belonged to the Guptas and is among a number of restrained assets relating to the Gupta family business empire. “The home is in a state of disrepair after many years of neglect” reads a property listing for a house in one of Cape Town’s poshest suburbs. The property in question belonged to the Gupta family. The seven-bedroom Gupta family mansion in Constantia, Cape Town, is listed for sale for R20-million. Constantia is one of the priciest residential areas in Cape Town and one of the most expensive in the southern suburbs.
According to business rescue practitioners, the sale is in order to retain the value for “whatever value” is left of the estate. The Bel Ombre property is 8,105m2. An online video of the property shows a green pool, a thatched roof in disarray and several pockets of unkempt grass. Agent Richard Huxham-Hardie, from Hardie Property , which listed the property, confirmed to Daily Maverick that it had been listed for sale on 30 December 2022 – and that the company was aware of the property’s association with the Gupta family.
The Guptas bought the property in 2005 for R17-million. In 2017, TimesLive reported there were 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 — which caused ire among residents. Prior to the Guptas’ ownership, the home belonged to Mark Thatcher, son of former British prime minister Margaret Thatcher.
The Guptas bought the property through their asset company, Islandsite Investments 180 — which also owns the infamous Saxonwold mansion, where a former government minister and senior state agencies officials were seen coming out with bags of money, according to their drivers/protectors. The company is currently part of a restraint by the National Prosecuting Authority (NPA). Islandsite was attached in June 2021 when 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. It is owned by Gupta brothers Atul and Rajesh, their wives Chetali and Arti.
In June 2021, Daily Maverick reported the NPA had executed a wide-ranging restraint order for assets belonging to the Guptas and their former associate, Iqbal Sharma. Assets being restrained included Islandsite Investments — one of eight Gupta-owned businesses in business rescue. Bouwer van Niekerk, speaking on behalf of the Business Rescue Practitioners (BRP) told Daily Maverick that the sale was done in conjunction with a curator and BRP. “Due to the property falling into disrepair, it was decided to sell the property to retain whatever value is left.” Van Niekerk said that Gupta’s infamous Saxonwold property is not for sale at this stage. He confirmed that the NPA also agreed to the Constantia property being sold.
The seven-bedroom home for sale in Constantia (Photo: Hardie Property)[/caption] In June 2022, Daily Maverick reported the arrest of Atul and Rajesh Gupta in Dubai, in the United Arab Emirates (UAE). In July, the NPA confirmed it had requested an extradition request to UAE authorities — which is still ongoing. The brothers are facing extradition for two criminal cases: the Estina dairy farm matter and the Nulane Investments fraud and money laundering case, both in the Free State.
