Liquor baron Vijay Mallya's famous Kingfisher Villa has finally been sold. After failing to find bidders at multiple auctions, lenders agreed to dispose the property through a negotiated sale to actor-businessman Sachiin Joshi. He is said to have paid marginally higher than the last reserve price of £7.3 million.
SBI Chairman Arundhati Bhattacharya confirmed the news saying there was a sale but refused to divulge the name of the buyer. The sea facing palatial villa, situated in Candolim, Goa, has peaked the interest of half a dozen players in the hospitality industry, and a media group, when it was opened for inspection to interested bidders. The reserve price of £8.5 million, however, did not find any buyers.
"I read in the papers that auctions were being carried out and that these had failed a couple times. When I saw the auction failed for a third time, I sensed an opportunity. So I contacted SBI, went through rigorous processes to make the deal happen under a private treaty following the law of land, and finally here I am, the owner of Kingfisher Villa," Joshi said. He said he was not sure what he intended to do with it.
