Coast billionaire, Ali Punjani's house has been put on auction after it was seized by a local bank.
The bank stated that the troubled tycoon owed them a Ksh1 billion loan which had accrued interests and penalties.
Punjani is reportedly a close associate of jailed drug lords, the Akasha brothers. Garam Auctioneers was put in charge of the sale and asset recovery.
"The property is situated within Nyali Estate, Mombasa County. Access it off Links Road, through Nyali Road to Moyne Drive, through to Kenyatta Avenue and Green-Wood Drive.
"The subject is situated along an unnamed Cul-de-sac Access Road and it's a second-row beach plot approximately 300m off Green Wood Drive," Garam advertised.
The eight-bedroom double-storey mansion sits on a 0.4 parcel of land in Bondeni, Nyali.
It comprises a swimming pool and staff quarters and overlooks the Indian Ocean.
The billionaire's compound is guarded with an electrified fence and the gate is always guarded 24 hours a day. His parking lot, adjacent to the mansion, houses his high-end vehicles, some fitted with bulletproof windows.
In August 2019, detectives from the Directorate of Criminal Investigations (DCI) raided the house of the suspected drug lord, after Interior CS Fred Matiang'i ordered a crackdown on narcotics.
Police officers spent over 20 hours attempting to breach the well-guarded mansion.
The Asset Recovery Agency (ARA) also filed an application to seize one of the Akasha's Nyali mansions. The beach house is valued at Ksh400 million.
Akasha brothers Ibrahim Akasha and Baktash Akasha were sentenced to prison in the US after they were found guilty of drug trafficking.
