Vijay Mallya Kingfisher Villa Sold

Vijay Mallya`s famous Kingfisher Villa has finally been sold. After failing to find any bidders at multiple auctions, lenders have agreed to dispose the property through a negotiated sale to actor-businessman Sachin Joshi.

Joshi is understood to have paid marginally higher than the last reserve price of Rs 73 crore. As per practice, banks are allowed to search for buyers if they do not get any response after failing to auction a property. SBI chairman Arundhati Bhattacharya confirmed that there was a sale but did not divulge the name of the buyer.

The sea-facing palatial villa, situated in Candolim, Goa, had earlier attracted interest from at least half a dozen players in the hospitality industry and a media group, when it was opened for inspection to interested bidders. However the reserve price of Rs 85 crore did not result in any buyers. Subsequently, lenders made another attempt to sell the Villa in December when they brought down the price to Rs 81 crore, again without success. The last auction took place in March 2017 when with a lower reserve price of Rs 73 crore.

•Sachin Joshi is understood to have paid marginally higher than the last reserve price of Rs 73 crore

•Joshi, who owns Viking Media and Entertainment, has starred in hindi movies including Aazaan, Mumbai Mirror and Jackpot