BUSINESS

Vijay Mallya's Kingfisher Villa In Goa Finally Sold For ₹73.01 Crore

Actor-producer Sachiin Joshi has purchased the sprawling sea-facing property.

08/04/2017 4:36 PM IST | Updated 08/04/2017 5:45 PM IST
Stringer India / Reuters
File photo of Kingfisher Villa.

Embattled liquor baron Vijay Mallya's Goa estate, the Kingfisher Villa, has finally be sold by lenders led by State Bank of India.

The property, which had earlier failed to garner buyers' interest on three previous occasions, has now been purchased by actor and producer Sachiin Joshi for ₹73.01 crore, reported Economic Times.

The villa is a sprawling sea-facing property in Candolim, Goa. Over the years, it has become legendary for the lavish parties hosted by Mallya.

The sale comes as a small relief to the consortium of 17 lenders who are trying to recover over ₹9,000 crore that the now defunct Kingfisher airlines owes the banks.

The Kingfisher Villa was among the assets pledged against the loans Mallya had taken to start and run Kingfisher Airlines.

Joshi, who has purchased the property in his movie production company Viiking Media and Entertainment's name, also owns one of Goa's famous beer brands, King's Beer.

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