Luxury Home Renovated in Upper Constantia, Cape Town: A Spectacular Transformation
The Gupta family’s lavish estate in Upper Constantia, Cape Town, was recently acquired by Hugh Vincent Cooke, who has embarked on an ambitious renovation project to restore the home to its former glory. Having been left to decay when the Guptas fled South Africa to avoid charges of state capture, the home has suffered extensive damage, with cracks in the walls and water damage from leaks.
Cooke, the new owner, is currently undertaking a complete renovation of his new main residence, offering seven bedrooms, six bathrooms, two garages, a caretaker’s cottage and a guest house. The work also includes updating the damaged and dated interior. The monthly value of the property taxes is R11 577.
After overcoming several legal hurdles, Cooke finally managed to secure the property, which spans 8105 square metres. Formerly owned by the Guptas’ Islandsite Investments 180 (Pty), the house was seized by the National Prosecution Authority in 2021, with combined assets worth more than R500 million. The Guptas had bought the property from Mark Thatcher for R17 million in 2005.
The chequered history of Mark Thatcher, son of former British Prime Minister Margaret Thatcher, is also discussed, including his involvement in the 2004 “Wonga Coup”, which aimed to overthrow the government of Equatorial Guinea. Thatcher admitted financing the operation and was fined and given a suspended prison sentence in South Africa.
Islandsite Investments, the Gupta company, was run by Atul and Rajesh Gupta, and their wives, Arti and Chetali. The company operated as an investment holding company, holding real estate assets and various businesses. In 2018, the company was placed in voluntary receivership.
The case became even more complex when it was discovered that Islandsite Investments had tried to prevent the sale of the property at an undervalued price. Despite claims by the beneficiaries that the real value was well in excess of the $17 million sale price, the sale was eventually approved.
This high-end real estate transaction in the sought-after Upper Constantia area reflects the growing appeal of the area to property investors. Arnold Maritz, co-principal agent for Lew Geffen Sotheby’s International Realty, said the area has become a magnet for luxury buyers, with a growing number of transactions at exorbitant prices..
Hugh Vincent Cooke’s renovation of the Gupta House in Upper Constantia is a remarkable example of the transformation of a once neglected property into a luxury residence restored to its former glory. This story of real estate renaissance epitomises the resilience and rebirth of a prestigious property, illustrating the power of investment and commitment to create value where neglect and deterioration once persisted.