Renowned TV presenter, Jeff Koinange is feeling a pinch on his financial muscle after a local bank earmarked his two homes for auctioning as a result of a debt surmounting to 130M.
According to credible reports, the two houses are located in Nairobi’s Kitisuru area. They are said to sit on 0.67 acres piece of prime plot, and are characterized by modern servant quarters.
It’s said that the veteran news anchor defaulted on his loan repayment in 2019, pushing the unidentified bank to resort to auctioning, in order to recover at least 65 million from each of the two properties.
The auctioning to be led by Garam Investment requires interested bidders to have a deposit of 5 million to be allowed to bid for the properties. Jeff’s fate is a script for many property owners and developers who flooded the market with state of the art properties targeting 1% of the population.
Experts have denoted that Real estate’s long flourishing era is gone following a massive overflow in the once lucrative industry. Poor economy is also a contributor as there’s low purchasing power. As a result several properties are sitting idle with no tenants.