1. Vijaya Mallya Villa in Goa finally sold for Rs 73.01 crore to Sachiin Joshi

Vijaya Mallya Villa in Goa finally sold for Rs 73.01 crore to Sachiin Joshi

The Vijaya Mallya villa in Goa which was now with a consortium of banks to obtain loans of around Rs 9,000 crore has finally been sold.

By: | Updated: April 8, 2017 12:51 PM
The lender banks had opened the villa for inspection to interested bidders several times. Vijay Mallya used to use the villa to host lavish parties. (PTI)

The Vijaya Mallya villa in Goa which was now with a consortium of banks to obtain loans of around Rs 9,000 crore has finally been sold. It has been bought by an actor-businessman Sachiin Joshi for an amount of Rs 73.01 crore.
The villa was up for sale from a long time. The lender banks had opened the villa for inspection to interested bidders several times. Vijay Mallya used to use the villa to host lavish parties.

The grandeur of the villa finds mention in the autobiography of flamboyant West Indies batsman Chris Gayle. Gayle, after joining Royal Challengers Bangalore (RCB), which was earlier owned by Mallya but is now with Diageo, got an opportunity to stay in the villa where he had spent five days as “the king of the villa”. According to India Today, 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.

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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.

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