Home owners at the Sunset Boulevard Estate in Athi River are facing auction following a fall out between the developer and the lending bank.
According to media reports, auctioneers from I&M Bank visited the residential estate with more than 200 houses valued at Ksh2 billion.
The title of the estate is still held by the developers, Mr Jonathan Feldman and Mr Samuel Mirie Gachathi, who hold 50 percent stake each.
“Dully instructed by our principals, your undermentioned properties, together with all the improvements erected thereon (two hundred and four units erected on LR NO12867/509-Sunset Boulevard Estate), will be sold by public auction on Wednesday 31st July 2019,” stated Leaky Auctioneers in a notice.
One of the directors is said to have gone into hiding, while the other is reported to be bereaved and out of town, as home owners at the estate grapple with the reality.
According to Business Daily, the houses have a market price of between Ksh8 million and Ksh12 million, for units consisting of between one, two and three bedroom apartments on 23 blocks.
Also on the list of auction include Beyruha Academy Pre-Primary and Primary Integrated School.
The investors had built a total of 390 units, but 186 of them are excluded from the auction notice.