The famous Kingfisher Villa previously owned by Vijay Mallya has been successfully auctioned. The villa sold for Rs. 73.01 crores. The Kingfisher Villa was located in Candolim, Goa. The villa was sold to film production company Viiking Media & Entertainment. The company is owned by businessman and actor Sachiin Joshi. Joshi has acted in Hindi movies such as Mumbai Mirror, Azaan, and Jackpot. Joshi also owns Kings Beer which is a brand of beer based in Goa. He holds an exclusive license for Playboy in India.
The State of India led a team of lenders had made three more attempts earlier to auction the bungalow. The beautiful property at Goa was famous for having parties thrown by Vijay Mallya. Many players and even a media team were interested in buying the property.
The first time when it was auctioned for Rs. 85 crore there were no buyers who took an interest. The lenders made another effort to sell the villa last year in December. This time they pulled down the price to Rs. 81 crore. A 4 crore difference also did not seem to get them any buyers. The third auction happened in March 2017. The lenders brought down the reserve price of the sea facing bungalow to Rs. 73 crore. Sachiin Joshi made a purchase of this palatial bungalow finally.
If the auction fails, twice the bank can make a private deal to sell the assets of a defaulter. The rules say that the assets should be sold more than the price reserved. Viking Media paid Rs. 1 lakh above then the reserve price.
Mallya owes more than Rs. 9000 crore to his lenders. There are about 17 lenders who are being led by State Bank of India. He was declared as wilful defaulter once Kingfisher Airlines ran into a series of losses and other mishaps such as its license expired. It is said that Vijay Mallya is in Britain