Jeff Koinange’s Sh200 Million Villas Put Up for Auction

Kenyan media personality Jeff Koinange is on the verge of losing two expensive houses in Nairobi after they were put up for auction over a bank debt amounting to Sh130 million.

The two four-bedroom villas stand on a 0.67-acre parcel of land in the high-end Kitisuru suburb, each attached with a servant’s quarter, Business Daily reports.

An advert published in local newspapers by Garam Investments on Monday invited prospective buyers of the two houses to submit their bids ahead of the auction day on April 28th.

“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.”

NCBA bank is seeking to recoup about Sh65 million from the sale of each of the two properties over a loan that fell into default last year.

Those looking to buy the two homes through the public auction have 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 adds.

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.