This archive report was first published on 30 September 2021.
On October 1, 2021, the KCB Group, through Phillips International Auctioneers, announced that an interested individual had sealed a deal to purchase a four-bedroom villa with a servant's quarter in Nairobi's Lavington.
The home, which was put up for sale in July 2021, was repossessed from former Nakumatt CEO Atul Shah over a Sh2 billion debt.
According to Phillips International Auctioneers, the buyer was willing to raise the Sh30 million asking price, which was initially floated in August 2021.
The property, known as LR No. 5/134 (IR No. 49802), is a four-bedroom villa with a domestic servant quarters and a semi-permanent generator room.
The title is held on a leasehold interest for a term of 45 years, effective from September 1, 1989.
Phillips International Auctioneers had initially demanded a refundable fee of Sh1 million for interested bidders to obtain a bidding number and catalogue before the auction date.
