Finally, Vijay Mallya’s Kingfisher Villa got buyer after three attempts

At last, liquor baron Vijay Mallya’s Kingfisher Villa in Goa has sold off. Actor-Businessman Sachiin Joshi bought the villa for Rs 73 crore.

State Bank of India (SBI)-led group of lenders, which had seized the property after he failed to repay the loans, finally managed to sell the Kingfisher Villa after three failed attempts.

Joshi paid slightly more than the property’s previous reserve price of Rs 73 crore. The prime property is located at Candolim in Goa and had become infamous for the huge parties thrown by Mallya.

However, post the failure of Mallya’s Kingfisher Airlines and seizure of the property, no buyers failed to come forward to take it over. The first attempt to auction it at Rs 85.29 crore failed, even two other attempts to auction it at Rs 81 crore and Rs 73 crore had failed. The last attempt to auction it was on March 6.

Mallya owes over Rs 9,000 crore to a consortium of banks led by SBI and has been declared a wilful defaulter after his Kingfisher Airlines was grounded in 2012.

The extradition process is on to bring back Mallya from London.