Gupta media building sold for R29.5m

Business

The building where media outlets that were formerly owned by the Gupta family has been sold for R29.5 million.

The building visible from the M1 North and located in Midrand became the first item to go under auction as properties of the companies formerly known as The New Age and ANN7 were auctioned on Wednesday.

Bidding for the building which has three semi-detached warehouses started at R20m. Auction attendees slugged it out until the successful bidder’s  R29.5m offer was accepted.

The Star reported last week that the auctioneers, Park Village Auctions, had expected it to fetch between R30m and R35m.

The media outlets, which the Guptas eventually sold to former government spokesperson Mzwanele Manyi for R300-million through vendor financing, have been liquidated hence the auction was held.

The outlets were renamed by Manyi as Afro Voice and Afro Worldview  a few months after they were obtained. However, this was not enough to save the newspaper and 24-hour news channel that had attracted controversy as being mouthpieces for the Guptas and former President Jacob Zuma.

When he filed for liquidation Manyi blamed the media companies’ controversial past for its failure.

Other assets that were being auctioned included cameras, assorted lenses, speed lights, laptops, a large assortment of office furniture and equipment, executive desks, workstations, couches, boardroom tables, office chairs, printers, photocopiers, credenzas, fridges, microwaves, projector, television sets, steel shelving and a diesel generator.

 

Picture: Siphiwe Sibeko/Reuters/African News Agency (ANA) Archives

 

-The Star

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