Vijay Mallya's famed Kingfisher villa sold, finally

After three failed auctions, the Goa property was finally sold for Rs 73 crore

The pride of the kind of good times, Vijay Mallya's famed Kingfisher villa in Goa was sold to businessman Sachiin Joshi. Lenders decided to dispose off the prestigious Goa property for Rs 73 crore. The villa was seized by banks after the liquor baron failed to repay loans. The villa was sold off after three failed auctions where no bidders came forward to buy.

The villa, it is learnt was sold off by lenders who agreed to dispose the property through a negotiated sale to actor-businessman Sachiin Joshi. SBI chairman Arundhati Bhattacharya confirmed the sale of Kingfisher villa but did nit reveal the buyer's name. Joshi is said to have paid higher than the last reserve price of Rs 73 crore. After three failed auctions, banks searched for buyers as per norm.

Sachiin Joshi, the new owner of the famed villa has a website to his name that describes him as the vice chairman of JMJ group of companies. He had also starred in Hindi movies. The palatial villa in Candolim of Goa did not elicit any bidders when the reserve price was pegged at Rs 85 crore for the very first time when lenders attempted to auction it. The second time around, the villa was pegged at Rs 81 crore, once again elicing no response from bidders. The banks finally called for another auction in March with a reserve price, the lowest ever, of Rs 73 crore yet no bidders came forward. The property was taken over by SBI led consortium of banks in May 2016.

OneIndia News