A State Bank of India-led group of lenders, has finally managed to sell liquor tycoon, Vijay Mallya’s Kingfisher Villa in Goa, for RS 73 crore.
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 from the now-obsolete Kingfisher Airlines.
The bungalow, is reported to be sold to film production company Viiking Media & Entertainment, which is owned by actor-businessman Sachin Joshi, for Rs 73 crore, and the actor has also paid Rs 1 lakh extra, to fulfill some terms and conditions.
Earlier, the banks failed to auction the property after three failed attempts, as no bidders had turned up. The previous reserve prices for the failed auction were Rs 85.29 crore and Rs 81 crore. But, this time the reserve price was Rs 73 crore to attract more bidders.
Joshi, paid slightly more than the property’s previous reserve price, and that SBI Chairman Arundhati Bhattacharya had confirmed the sale took place.
The sale of the property, is part of the bank’s attempts towards, recovering Rs 9000 crore loan, that included interest money from Vijay Mallya, who now faces extradition from the UK.
The liquor baron, had taken loans to start and run Kingfisher Airlines, that has long been grounded as the carrier, and had gone bankrupt. Earlier, Mallya blamed faulty engines in the aircraft for the crashing of the carrier.
“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,” the report said.