Garam Auctioneers, a reputable auction house with a successful 28-year track record in the retail industry, has taken a surprising U-turn and canceled the planned auction of a sprawling tea estate owned by influential Kenyan tycoon David Langat.
The auction, which was scheduled for Aug. 1, involved the sale of the prestigious DL Koisagat Tea Estate Ltd., covering an impressive 1,342 acres in Nandi County. However, Garam Auctioneers did not provide any specific reasons for the sudden change in plans.
The decision to halt the auction came as a surprise as Garam Auctioneers had previously made a public announcement in July, stating that the estate was being put up for sale due to a substantial Ksh 2.1 billion ($14.7 million) debt owed to a local bank by the tea estate company.
The DL Koisagat Tea Estate is renowned for its extensive tea cultivation, boasting a staggering 2.47 million tea bushes spread across 958.75 acres of lush land. Besides the tea plantations, the estate also features 100,942 eucalyptus trees and 2,223 cypress trees, contributing to its vast and picturesque landscape.
The estate further includes essential amenities such as a hospital and Koisagat Primary School, indicating a significant investment in the well-being of its workforce and the local community. Moreover, the estate encompasses residential areas, housing both managerial houses and workers’ quarters.
In addition to the tea estate, Garam Auctioneers had also planned to auction another property in Mombasa, which was being used by Langat’s DL Group for tea handling and packaging.
David Langat, a prominent figure in Kenya’s business landscape, has built his fortune through import and export ventures and diversifying into agribusiness, real estate, energy, hospitality, insurance, and special economic zones (SEZs).
Langat’s firm, DL Group, traces its roots back to the 1980s, initially engaging in importing and exporting various goods, including electronics and furniture. His business ventures have not been without controversy. He and his family members faced a lawsuit in October 2021 when a travel agency accused them of failing to settle a $152,000 travel bill incurred over one year.
