Kenyan media personality Jeff Koinange has saved his two four-bedroom villas in Nairobi from being auctioned over a mortgage debt amounting to Sh130 million.
The two houses standing on a 0.67-acre parcel of land in the high-end Kitisuru area, each attached with a servant’s quarter, were set to be auctioned on Tuesday, April 28th.
However, Mr. Koinange managed to stop the planned sale after striking a repayment agreement with NCBA Bank at the last minute, according to Business Daily.
NCBA Bank was seeking to recoup about Sh65 million from the sale of each of the two properties over a loan that fell into default last year.
An advert published in local newspapers by Garam Investments on Monday, April 6th, invited prospective buyers of the two houses to submit their bids ahead of the auctioning day.
“All that parcel land known as L. R. NO. 7741/263 (I. R. NO. 115833) off Kitisuru Road area Nairobi County registered in the name of Jeff Mwaura Koinange,” part of the ad read.
“The title is freehold interest. The current annual rates payable amount to Sh16,500. The annual rates payable together with accrued penalties amount to Sh70,291 as at 27.01.2020.”
Potential buyers had been asked to place a deposit of Sh5 million ahead of bidding for the houses estimated to be worth Sh200 million.
“The bidders will be required to produce a bidding deposit of Ksh5 million by way of cash or bankers cheque before being allowed to bid,” the notice added.
Sources at Garam Investments told Business Daily that the auctioneering company had received interest from a number of investors before the auction was halted.
“NCBA reached a last-minute agreement with him (Koinange) and the auction was stopped,” the source who requested anonymity said.
“We got the notice to stop the public auction this morning, but we were already prepared for the sale.”
Koinange was living in one of the villas and rented out the other one, which he previously used to store art pieces.
Koinange, who currently works with Royal Media Services, is believed to be one of the richest journalists in the country.