• April 20, 2024
  • Last Update April 20, 2024 7:31 PM
  • Nairobi

Ex-Nakumatt CEO’s Lavington House Auctioned

Former Nakumatt Chief Executive Officer (CEO) billionaire Atul Shah’s house has found a buyer three months after auctioneers put it up for sale.

The auctioneers who were working on behalf of commercial Bank announced on September 30, that they had found a buyer who intends to buy the four bedroomed mansion located in 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 said.

File image of former Nakumatt CEO Atul Shah. |Photo| Courtesy|

The bid terms for the willing buyer included a refundable Ksh1 million fees and a 25 % deposit of the offer through a bankers cheque by the end of the auction date. The balance however, should be payable in a period of 3 months.

The mandate to auction the house came after a ruling by Justice Francis Tuiyot to recover Ksh2 billion debt that Atul owed different banks following the closing of doors of Nakumatt supermarkets.

In August, the auctioneers had notified the court that they had failed to find a buyer for the house.

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

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