Finally, the long pending Kingfisher Villa property once owned by the flamboyant Vijay Mallya has been sold by the banks to the Actor and Businessman Sachiin Joshi who acquired the most prestigious property of Goa for Rs. 73 crore, said the sources.
According to the sources, finally, the deal seems to be have been struck for Vijay Mallya’s sea-facing property in Candolim, Goa. Based on the report published in the DNA, Mallya’s party pad Kingfisher Villa has been sold to Viking Media and Entertainment for a little over Rs 73 crores, which is now owned by actor-businessman Sachiin Joshi.
The news came as the most pleasant surprise to the lenders of Kingfisher Airlines who is fighting for their recovery and Kingfisher Villa was auctioned thrice before but no taker came forward. But finally this time the banks managed to get the buyer. According to the sources, the actor cum businessman Sachiin Joshi took over the Kingfisher Villa for Rs. 73 crore.
The Kingfisher Villa which is one of the prime property situated on the famous Candolim beach next to Taj Vivanta was taken over by the banks to recover the dues from Mr. Mallya who left India after duping the investors and banks to the tune of Rs. 9000 crore rupees. The Kingfisher Villa was valued at Rs. 90 crores by the banks and they auctioned it thrice before selling it to Mr. Joshi for as low as Rs. 74 crore.
It may be recalled that Delhi-based ARCK Consultants by SBI who is also one of the lenders to Mallya’s now defunct Kingfisher Airlines, sealed the Kingfisher Villa valued at Rs 90 crore after drawing up an inventory of goods and articles inside the palatial premises. Anil Kohli of ARCK consultants told reporters outside Kingfisher Villa, “The property has been attached completely. All inventories have been done. No one can now have access to the villa without permission. The SBI has taken control. We have proceeded as per court order.”
According to the NDA, though, State Bank of India (SBI) Chairman Arundhati Bhattacharya confirmed that the deal took place, she didn’t divulge the name of the buyer. In the auction held in March, Kingfisher Villa has put under the hammer at a reserve price of Rs 73 crore, but the 17-lender consortium led by State Bank could find no buyers despite reducing the reserve prices by nearly 10%. Earlier, Kingfisher Villa could not get any bid in spite of being auctioned three times.
The SBI-led consortium had reduced the reserve price of Kingfisher Villa from Rs 81 crore quoted in the second attempt at an auction of this property in December. Kingfisher Villa has put under the hammer for the first time last October with a reserve price of Rs 85.29 crore. Auction for the property was conducted by SBICAP Trustee all this while on behalf of the lenders. Mallya owes over Rs 9,000 crore to lenders like SBI, PNB, IDBI Bank, BoB, Allahabad Bank, Federal Bank and Axis Bank, among others. He left the country on March 3 last year for the UK and Indian authorities have been trying since then to bring him back.