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Under OS X 10.11 El Capitan and macOS 10.12 Sierra, the MacTeX installer installs TeXLive in /Library/TeX/texbin, while up to OS X 10.10 Yosemite, it would live in /usr/texbin.

More info about that in https://tug.org/mactex/UpdatingForElCapitan.pdf

Do you still have a /usr/texbin directory?

At some point the TeXLive distribution shipped a copy of SageTeX.

Maybe you have an old TeX installation either via MacTeX or via Fink, Homebrew or MacPorts?

You could check your PATH (echo $PATH) and see if there is any place where a sagetex.sty might be found.

You could try texdoc sagetex to see if an old SageTeX documentation is found.

Resolving sagetex.VersionError

This section is added to my initial answer, after I just ran into the same problem.

I solved the problem following the instructions on this page:

http://doc.sagemath.org/html/en/tutorial/sagetex.html

although for me with Sage 7.4 the location of sagetex was not at

SAGE_ROOT/local/share/texmf/tex/generic/sagetex

but at

SAGE_ROOT/local/share/texmf/tex/latex/sagetex

I copied that sagetex folder from my Sage installation to

~/Library/texmf/tex/latex/sagetex

(you may need to create some of the intermediate folders).

After doing that, everything runs fine.

Background on TeXLive on Mac OS X / OS X / macOS

(This is my initial answer which just gives related information.)