Tuesday, January 31, 2023

How Jeff Koinange struck deal to save his homes from auctioneers

Jeff Koinange House: In April this year, prominent media personality Jeff Koinange hit the headlines after auctioneers issued a notice against his two houses. Garam Auctioneers announced that the would auction his homes which are located in the prime Kitusuru area in Nairobi. The houses were put on auction over a Sh. 130 million bank debt that Jeff owed the Kenyatta family’s NCBA Bank.

The two houses were estimated to be worth Sh. 200 million and included two four-bedroom villas.

A few weeks later, Jeff struck a deal with NCBA to stop the auctioning of his homes in the prime Nairobi Kitusuru area. The deal saw NCBA send a notice to Garam Auctioneers who were set to auction off the property to halt any auction proceedings.

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The houses in the high-end Kitisuru area sit on 0.67 acres and are each attached with a servant’s quarter. They will be sold on April 28. “The title is a free hold interest. The current annual rates payable amount to Sh. 16,500. The annual rates payable together with accrued penalties amount to Sh. 70,291 as at 27.01.2020,” the advert by Garam Investments says in part.

Mr. Koinange is said to have owed NCBA bank up to Sh. 65 million, which was the unpaid figure out of the Sh. 130 million debt. The debt is said to have fallen into default last year. The repayment deal was inked barely a week to he auction date. Koinange was living in one of the villas and had rented out the other one — which he had initially used for storing art works.

Mr. Koinange, a former CNN journalist currently working with Citizen TV, is one of the highest paid journalists in Kenya. He is considered rich and flashy, with a monthly salary estimated to be at Sh. 2 million.

Already, the auctioneers had received interests from buyers who were willing to place a deposit of Sh. 5 million ahead of bidding for the prime Jeff Koinange house.

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