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