Sunset Boulevard Estate in Athi River will not be autioned after all

The planned auction of houses in Athi River’s Sunset Boulevard Estate over a defaulted loan has been stopped amid a court order handing reprieve to more than 200 home owners.

Leaky’s Auctioneers, appointed to oversee the sale of 204 houses 390 units on the estate said the principals — I&M Bank and Sunset Boulevard Limited — cancelled the auction planned for Wednesday July 31.

Sunset Boulevard, which built and sold the houses, is said to have failed to repay an undisclosed debt with I&M Bank occasioning the auction notice on Monday in the lender’s bid to recover the funds.

“It has been cancelled by our principals, the sale is not on and I do not have to give details,” Leaky’s Auctioneers said in response to queries.

The estate is valued at more than Sh2 billion and the move comes amid a High Court order issued last month stopping auctioneers from selling off the houses.

 

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