WATCH: Gavin Watson’s Porsche sells for just R500K at auction

There has been a huge turnout at the company's facilities in Krugersdorp despite the wet and chilly weather.

People walk past a Porsche formerly owned by Gavin Watson at the auction of Bosasa assets, 4 December 2019, in Krugersdorp. Picture: Tracy Lee Stark

The auction of all of African Global Operations’ assets was in full swing on Wednesday, with a number of highly sought-after items already going under the hammer.

These included a 2013 model silver Porsche Cayenne that the late Bosasa CEO Gavin Watson used to drive.

In the auction, items including Gavin Watson’s metallic blue BMW X5, were advertised to be under the hammer, along with numerous vehicles, office furniture, catering equipment, workshop and gardening tools, computer equipment, security equipment, office furniture, household furniture and several properties.

Auctioneer Clive Lazarus said the Porsche had been brought up all the way from Port Elizabeth, where Watson used to live with his family. It ended up selling for just R500,000.

The man who placed the winning bid for a Porsche owned by Gavin Watson is pictured at the auction of Bosasa assets, 4 December 2019, in Krugersdorp. The auction of the Bosasa assets is scheduled to take place over three days starting 4 December 2019. Picture: Tracy Lee Stark

Times Live reports that Watson’s blue 2016 BMW X5 sold for just R590,000 and a 2016 Mercedes-Benz C250 with 95,640km on the clock went for just R255,000.

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The properties being sold include the controversial Lindela Repatriation Centre as well as the company’s head office and copper plant.

More than 600 people attend an auction held by Park Village Auctions of Bosasa assets, 4 December 2019. Pictures: Tracy Lee Stark

The auction has been well attended, with more than 600 people at Bosasa’s headquarters in Krugersdorp looking for a deal.

The company is in liquidation, and the sales will go towards repaying its debts to creditors and the tax authorities.

More than 600 people attend an auction held by Park Village Auctions of Bosasa assets, 4 December 2019. Pictures: Tracy Lee Stark

Last month the Supreme Court of Appeal (SCA) found in favour of keeping the company in liquidation, emboldening the auctioneers, who had already started advertising the event.

Bosasa had gone into voluntary liquidation in February following their banks announcing they would be closing all of the company’s accounts due to corruption allegations.

Bosasa subsequently tried to reverse the liquidation but the SCA upheld an appeal by the provisional liquidators to keep the company in voluntary liquidation, which paved the way for the company’s full liquidation.