BUY SELL RENT

After three failed auctions, banks have finally managed to sell the Kingfisher Villa in Goa belonging to businessman Vijay Mallya to actor-producer Sachiin Joshi for Rs 73 crore through a private treaty, thus breaking the infamous Kingfisher jinx.

The Kingfisher villa, which was a landmark luxury property known all over the world for it’s extravagant babes and beer parties spreads over 1,20,350 square feet or three acres at Candolim (on the way to Fort Aguada), was legally owned by United Breweries Holdings, the parent of the now defunct airline. The lenders consortium headed by SBI, had taken physical possession of the villa in May 2016.

Kingfisher villa in Candolim, north Goa has finally been sold to actor Sachin Joshi for Rs 73.01 crore, far less than the reserve price the bankers set at upwards of Rs 90 crore for auctions, which failed thrice.

Sachiin Joshi, chairman at Viiking Ventures, which is a part of JMJ group of companies, already owns two popular beer brands in India. The actor/producer is also known for his keen interest in alcohol business, where he has already made rapid progress and made multiple acquisitions.

The Kingfisher villa, which was a landmark luxury property known all over the world for it’s extravagant babes and beer parties spreads over 1,20,350 square feet or three acres at Candolim (on the way to Fort Aguada), was legally owned by United Breweries Holdings, the parent of the now defunct airline. The lenders headed by SBI, had taken physical possession of the villa in May 2016.

The lenders’ bid to auction trademarks, including the brand value of the Kingfisher logo, in August 2016, too, was unsuccessful. The reserve price for the brands was set at Rs 330 crore, which is not even a tenth of the Rs 4,000 crore valuation it commanded when offered as collateral.