• Three months after former Nakumatt Chief Executive Office Atul Shah’s posh Nairobi home was put up for sale, auctioneers have finally found a buyer. 

    The auctioneers, on behalf of a commercial bank, announced on Thursday, September 30, that they had acquired a person intending to purchase the four-bedroom villa located at Elite Gardens in Nairobi’s upmarket Lavington Estate.

    “There is an individual who has entered into a deal with the bank to buy the house, the buyer is willing to raise the Ksh30 million we were looking for when we floated the house for sale in August,” the auctioneers stated.

    Auctioneers mallet.
    Auctioneers mallet.
    File

    The terms of the bid included a refundable fee of Ksh1 million and a 25 per cent deposit of the offer price through a banker’s cheque by the close of business on the auction date.

    Moreover, the balance should be payable within 90 days to the charges or the auction deposit would forfeit.

    A month prior, auctioneers had reported that they had failed to find a purchaser because of the deceleration in the economy.

    The home was re-claimed in July following Justice Francis Tuiyott’s ruling that authorized the auction of the property as Atul owed a Ksh2 billion debt to numerous banks after Nakumatt’s downfall.

    The house holds a title on a tenancy lending rate of a period of forty five years as of September 1, 1989.

    File photo of now-defunct Nakumatt outlet.
    File photo of now-defunct Nakumatt outlet.