After failures in finding bidders in multiple auctions for the sale of Vijay Mallya’s Kingfisher Villa, it has now finally been sold. Actor-businessman Sachiin Joshi has purchased the villa through negotiated sale with the lenders.
As per the norm, banks are permitted to find buyers if the auction for property do not get any response. It is understood that Joshi has paid a marginally higher price than the last reserve price of Rs. 73 crore. SBI chairman, Arundhati Bhattacharya confirmed the sale of the villa, however refused to reveal the name of the buyer.
According to the 32-year old website, he is the vice chairman of JMJ group of companies which is a holding company for all his diverse business interests. The many ventures that JMJ group overlook range from Fitness Centres to Health space. The actor who has starred in hindi films including Aazaan, Mumbai Mirror and Jackpot also owns Viking Media and Entertainment.
Initially the sea-facing palatial Kingfisher Villa, situated in Candolim, had attracted at least half a dozen buyers from the hospitality industry and a media group, when it was open for inspection for interested buyers. However the reserve price of Rs 85 crore did not result in any buyers, subsequently the lenders lowered attempted to sell the Villa in December with a lowered reserve price of Rs 81 crore, which also did not materialise, finally leading to the last auction in March 2017, when the reserve price was lowered to Rs 73 crore.
The physical possession of the Kingfisher Villa by the 17-lender consortium led by State Bank of India was taken in May 2016.