Citizen TV anchor Jeff Koinange has reportedly signed a multi-million deal with auctioneers in an effort to save his mansions.
The flamboyant anchor was on the verge of losing his two four-bedroom houses located in Kitisuru over a Ksh130 million loan.
The high-ranking journalist reportedly entered into a repayment deal with the bank to avert the auction that had been scheduled for Tuesday, April 28.
Garam Investments, the company that was running the bidding, intimated that a number of investors had expressed interest and that they were expected to make a deposit of at least Ksh5 million.
“(The bank) reached a last-minute agreement with him (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,” stated a source from the firm.
Broken down, each of the two properties was to be auctioned in order for the bank to recoup at least Ksh65 million.
Koinange lived in one of the houses while he rented the other in which he had previously kept his artwork.
In previous years, Kenya's real estate sector was the best investment vehicle but the narrative is slowly changing.
In an interview with The Standard on March 5, 2020, Garam Investments Managing Director Joseph Gikonyo disclosed that only one property out of 10 auctioned properties was finding a buyer.
“The overall economy is doing badly. The county governments are not paying suppliers, and this has to have an impact,” Gikonyo stated at the time.
“KRA is another issue; it’s going hard on SMEs with tax demands. Businesses are closing rather than struggling. It’s hard to auction in such an economy," he added.
