New Delhi: Beleaguered liquor baron Vijay Mallya's premium property Kingfisher Villa in Goa has finally been sold to an actor-businessman Sachiin Joshi.

The Goa property was sold to a film production company Viiking Media & Entertainment, which is owned by Joshi, according to an Economic Times report. It further said that Joshi paid slightly more than the property's previous reserve price of Rs 73 crore and this was further confirmed with SBI chairman Arundhati Bhattacharya. It was sold at Rs 73.01 crore.

An SBI-led consortium's fourth attempt to auction properties of industrialist Vijay Mallya in order to recover loans made to his Kingfisher Airlines ultimately materialized. Earlier, there were no takers despite around a 10 per cent cut in their reserve price.



Monday's reserve price for Kingfisher House, once the defunct Kingfisher Airline's corporate office, was Rs 103.5 crore, which was 10 per cent lower than the failed third auction held in December, when the minimum sale price was fixed at Rs 115 crore. All three previous auctions failed as bidders found the reserve price too high.

The reserve price for the third auction of the Kingfisher Villa in north Goa, where the currently absconding Mallya hosted lavish parties, was kept at Rs 73 crore -- also around 10 per cent lower than the December auction price of Rs 81 crore.

In the first attempt, the lenders had tried to sell the sea-facing property for Rs 85.29 crore.

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An official of SBI Caps Trustee, which is auctioning Mallya's properties on behalf of the lenders, told reporters here that though enquiries had been received about the properties, no bids had been lodged by the close of the online auction.

Kingfisher Villa, owned by United Breweries Holdings (UBHL), was mortgaged as collateral for loans to Kingfisher Airlines.

The liquor baron left the country last March and is currently said to be living in Britain.

Mallya owes over Rs 9,000 crore to a consortium of 17 lenders led by state-run State Bank of India (SBI) and has been declared a "wilful defaulter".

ABOUT SACHIIN JOSHI

 A still from the film Jackpot which featured Sachiin Joshi and Sunny Leone in lead roles.

  • Sachiin Joshi is the Vice-Chairman of JMJ Group of Companies, which is the holding company for all his diverse business interests.

  • He was born in Pune to Jagdish Joshi, the owner and creator of the JMJ group of Industries

  • From Hospitality to Real Estate, from Fitness Centres to Health Spas, Sachiin Joshi’s mega business empire boasts of a multi-million Rupee turnover. Sachiin Joshi single-handedly runs his business ventures.

  • He has worked in a number of Telegu and Hindi films. He was last seen playing a cop in a Bollywood movie called 'Veerappan'.

  • In February 2012 Joshi married model and actress Urvashi Sharma. Sharma later changed her name to Raina Joshi. On 21 January 2014 the couple had a baby girl, Samaira.