Veteran media personality Jeff Koinange has successfully stopped the auction of his two four-bedroom villas in Nairobi’s Kitisuru suburb over a KSh 130 million mortgage debt.
The auction of the two villas standing on a 0.67-acre parcel of land had been set for Tuesday, April 28th.
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However, according to Garam Investments, the planned sale didn’t happen after the Citizen TV news anchor inked a repayment agreement with NCBA Bank.
A source within Garam revealed that they had already received interest from a number of investors before the auction was stopped.
“NCBA reached a last-minute agreement with him (Jeff Koinange) and the auction was stopped. We got the notice to stop the public auction this morning, but we were already prepared for the sale,” a source at the auctioneering firm located in Westlands said.
According to a report by Business Daily, the bank declined to reveal details of the new loan agreement, arguing that lenders are barred from publicly discussing borrowers’ contracts.
NCBA bank was seeking to recover at least KSh 130 million from the sale the two villas over a debt that fell into default in 2019.
Garam Investments had asked those interested in buying the two villas to place a deposit of KSh 5 million before bidding.
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Koinange was living in one of the villas and rented out the other one, which he previously used to store art pieces.
Many people struggle with mortgages after loosing their jobs or following a downturn in business.
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