The late Twahir Sheikh Said's (TSS) property has been put on sale by commercial banks that lent him billions shillings to build his empire.
More than 6,700 acres of leasehold land holdings and property belonging to the Mombasa tycoon are on sale.
Reports from the banks indicate that Said had defaulted on paying loans amounting to over Sh3.5 billion from lending institutions across the country.
The lenders include KCB Group, NIC Bank and Bank of Africa (BOA) among others.
The properties are expected to generate billions of shillings once sold, to settle the debts in question following the death of the tycoon.
Said’s idle as well as developed beach front land in various areas including Mombasa, Lamu and Kilifi are among the properties to be auctioned as indicated by a notice from Garam Investments Auctioneers.
“The property has a long and winding frontage to the Indian Ocean to its southern boundary and fronts Witu to Mokoye road to its northern boundary,” said part of the auction notice, that was seen by Business Daily Africa.
The location of the properties is among the things that are expected to attract wealthy buyers as per the auctioneers.