This archive report was first published on 1 September 2021.
Published on September 1, 2021, auctioneers have been unable to find a buyer for the luxurious home of former Nakumatt chief executive officer Atul Shah in the Lavington area.
The home, valued at Sh. 25 million, was offered as security in 2011 and accounted for a significant portion of the multi-billion shilling loans accumulated by Mr. Shah's business.
According to Philips International Auctioneers, the sale of the home did not happen last month, despite numerous enquiries, due to a general slowdown in the economy, particularly in the real estate business.
The property, known as LR No. 5/134 (IR No. 49802), is a four-bedroom villa with a servants quarter and a semi-permanent generator room, located at Elite Gardens Estate in Muthangari.
The title to the home is held on a leasehold interest for a term of 45 years, with effect from September 1, 1989.
Prospective buyers were required to make a refundable deposit of Sh. 1 million to participate in the auction, with the successful buyer required to deposit 25 percent of the asking price by bankers' cheque by the close of business on the auction date.
The sale of the home is part of recovery efforts on a Sh. 2 billion KCB debt, with Mr. Shah's Nakumatt owing multiple lenders, including DTB Bank, Standard Chartered, KCB, Bank of Africa, UBA, and GT Bank.
