The State Bank of India, in a bid to recover some amount of the loan evaded by Vijay Mallya, tried to sell the Kingfisher Villa in Goa. According to reports, after three failed attempts in the past, the bank has finally managed to sell this villa.
The property, located in Goa, was taken over by the lenders after the business tycoon failed to pay back the loans. These loans were mostly taken on the running of the now non functioning Kingfisher Airlines. The reports say that the bungalow was sold to Viiking Media and Entertainment, a film production company that is owned by the actor-businessman Sachiin Joshi. The property was auctioned previously at Rs. 85.29 crores, Rs. 81 crores and Rs. 73 crores respectively, but failed to be sold. The last attempt for Rs. 73 crore auction was on March 6, which failed again.
According to Arundhati Bhattacharya, the SBI chairman, the property had a reserve price of Rs. 73 crores. The actor allegedly paid a slightly higher price than the reserve price and received a confirmation for the sale. Located in the Candolim area of Goa, the property is mostly famous for the parties that Mallya threw during his high times.
Mallya became a fugitive after he willfully defaulted Rs. 9000 crores. The State Bank of India after this declared Kingfisher Airlines obsolete.
