Former Youth Enterprise Development Fund (YEDF) Chairman Ronnie Osumba's multi-million house in Athi River, Machakos County is reportedly set for auction.
According to reports by The Standard, Osumba is listed as the joint owner of the four-bedroom house located in Greenpark Estate alongside one Vera Akinyi Ogundu.
Osumba's house is among several other homes in the middle-income neighbourhood that are at the centre of a court dispute.
The Water Resources Management Authority (WARMA) had condemned the houses in 2018 and declared the homes unfit forcing some tenants to move out after they were submerged when Athi River burst its banks, following heavy rains.
Valley Auctioneers have invited bidders in a sale scheduled for September 19, which according to the guiding rates for the area, place the property's estimate at just about Ksh10 million.
No explanation was provided for the property seizure and the expected auction but is a pointer to financial distress often associated with a borrower inability to service loans.
It is either the property was bought on a mortgage and the repayments are now running behind schedule, or the house was collateralized as security for another loan.
However, when contacted, Osumba stated that he was not in financial distress and explained that he and his neighbours were challenging WARMA's decision.
“We could not continue paying mortgage for properties we are unsure about their fitness, which is why the financier is trying to auction them to recover their finances,” Osumba clarified.
The candidate for Deputy President in 2013 Presidential election and running mate to Peter Kenneth, added that they were also battling the developer to be given alternative houses should the lawsuit fail to be ruled in their favour.
