Jeff Koinange's homes face auction over Ksh130 million debt

Jeff Koinange's lavish homes to be auctioned over Ksh130 million debt

Jeff Koinange's homes face auction

Jeff Koinange's homes were Monday were put up for auction over a Sh130 million bank debt.

According to Business Daily, the two four-bedroom villas belonging to the Citizen TV journalist are located in the lavish Kitisuru area.

The houses which sit on 0.67 acres and are each attached with a servant’s quarter will be sold in April 28.

Koinange's homes will be auctioned over a debt that fell into default last year, according to Garam Investments which is leading the auction.

Defaulted loan

A local bank is seeking to recover at least Ksh65 million from the sale of each of the two villas.

Garam Investments stated that those seeking to buy the two homes through the public auction will need to place a deposit of Ksh5 million ahead of bidding.

Koinange was living in one of the villas and had rented the second one which initially he had used as a storage for art pieces.

Default on mortgages have jumped in recent months, pointing to widespread distress in the real estate sector.

Garam Investments Managing Director Joseph Gikonyo disclosed that only one property out of 10 auctioned properties was finding a buyer.

JOIN OUR PULSE COMMUNITY!

Unblock notifications in browser settings.

Eyewitness? Submit your stories now via social or:

Email: news@pulselive.co.ke

Recommended articles

US offers Sh233 million reward for wanted Kenyan fugitives

US offers Sh233 million reward for wanted Kenyan fugitives

Safaricom to launch virtual Visa

Safaricom to launch virtual Visa

24-year-old Maryanne Oketch wins Sh116M on Survivor show

24-year-old Maryanne Oketch wins Sh116M on Survivor show

Wilson Airport airspace will be temporarily closed on Saturday

Wilson Airport airspace will be temporarily closed on Saturday

Uhuru opens Sh2.49 Billion CBK Pension House in Nairobi CBD [Photos]

Uhuru opens Sh2.49 Billion CBK Pension House in Nairobi CBD [Photos]

DP Ruto makes bold confession on Live TV, asks for forgiveness [Video]

DP Ruto makes bold confession on Live TV, asks for forgiveness [Video]

DP Ruto breaks protocol, invites Karua to speak at National Prayer Breakfast

DP Ruto breaks protocol, invites Karua to speak at National Prayer Breakfast

How Githu Muigai bought Sh100M apartments through agent, now demands money back

How Githu Muigai bought Sh100M apartments through agent, now demands money back

Police react to Senator Malala after claiming the NPS comprises school dropouts

Police react to Senator Malala after claiming the NPS comprises school dropouts