Kingfisher Villa finally sold, businessman Sachiin Joshi picks up Vijya Mallya’s erstwhile party pad

in Life Style/National News/Today Front by

The  State Bank of India-led group of lenders has finally managed to sell the Kingfisher Villa to a film production company owned by Sachin joshi.

The Goa property  which was once owned by shamed businessman Vijay Mallya had been taken over by lenders after he failed to repay the loans he took for the now-defunct Kingfisher Airlines.

Joshi paid slightly more than the property’s previous reserve price of Rs 73 crore and that SBI chairman Arundhati Bhattacharya had confirmed the sale took place.

The prime property is located in Goa’s Candolim and had become legendary for the parties that the high-flying Mallya threw at the villa.

Three previous attempts to auction off the property at Rs 85.29 crore, then Rs 81 crore and finally Rs 73 crore previously failed.

The last attempt to sell the property was on March 6.

Mallya owes over Rs 9000 crore to lenders and has been declared as wilful defaulter after Kingfisher Airlines was grounded in 2012.