Mallya’s famed ‘Kingfisher Villa’ sold for Rs730mn

A luxurious beachfront villa in Goa owned by absconding liquor baron Vijay Mallya has been sold to Bollywood and South Indian film actor Sachiin Joshi, by a group of banks led by the State Bank of India, official sources said here yesterday.The property, known as the ‘Kingfisher Villa’, is situated on the picturesque Candolim Beach, a tourist hotspot.It had earlier failed to attract buyers on three auction attempts by SBI Caps - which had taken over the villa - ostensibly since the reserve price was between Rs810-850mn.For the current sale, the reserve price was fixed at Rs730mn and the villa found a buyer in actor-business baron Joshi, of the Mumbai-based Viiking Ventures Pvt. Ltd, said an SBI official who requested anonymity.The property sale comprises a part of the recovery of the over Rs90bn loans due from Mallya who is currently living in the UK.Viiking Ventures Pvt Ltd, headquartered in Andheri, Mumbai, is a media and entertainment conglomerate which has varied business interests in beverages including mineral waters, beer, media, spas, hospitality and healthcare.The 33-year-old Sachiin’s father Jagdish Mohanlal Joshi owns the Pune-based JMJ Group of Industries.The Kingfisher Villa, reportedly worth around Rs1bn, is built on a three-acre plot and comprises magnificent bedrooms, artificial ponds and private swimming pools, open air dance floors, lush green gardens with over a score of expensive cars dotting the landscape.With this, the lenders’ only other asset is the Kingfisher House in Mumbai, which had commanded a valuation of over Rs1.5bn initially, but could not be auctioned even at the fourth round.Asked if a similar route will be followed to dispose of Kingfisher House, which was once the headquarters of the Kingfisher Airline, a source said with the sale of the villa, at least a process has been initiated.