Kingfisher Villa finally sold after three failed auction attempts
After three failed attempts, a State Bank of India-led group of lenders has finally managed to sell the Kingfisher Villa, according to reports in the Times of India and the Economic Times.
The Goa property was once owned by disgraced businessman Vijay Mallya but was taken over by lenders after he failed to repay the loans he took for the now-defunct Kingfisher Airlines.
ET reported that the bungalow was sold to film production company Viiking Media & Entertainment, which is owned by actor-businessman Sachiin Joshi.
TOI reported that Joshi paid slightly more than the property’s previous reserve price of Rs 73 crore and that SBI chairman Arundhati Bhattacharya had confirmed the sale took place.
The prime property is located in Goa’s Candolim and had become legendary for the parties that the high-flying Mallya threw at the villa.
Three previous attempts to auction off the property at Rs 85.29 crore, then Rs 81 crore and finally Rs 73 crore previously failed.
The last attempt to sell the property was on March 6.
Mallya owes over Rs 9000 crore to lenders and has been declared as wilful defaulter after Kingfisher Airlines was grounded in 2012.