Kingfisher Villa to go under the hammer today; price set at Rs 85.29 crore

The 17-lender consortium led by State Bank of India will auction the Kingfisher Villa, the sea-facing plush property once-owned by the beleaguered Vijay Mallya in Goa.

Zee Media Bureau

Mumbai: Kingfisher Villa, the sea-facing plush property once-owned by the beleaguered Vijay Mallya in Goa, will go under the hammer on Wednesday.

A State Bank of India (SBI)-led consortium of banks will on Wednesday auction the Kingfisher Villa. The reserve price for the property has been set at Rs 85.29 crore.

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

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

Kingfisher Airlines owes around Rs 9,000 crore to the consortium of 17 banks.

The villa had been opened for inspection to interested bidders on September 26-27 and October 5-6.

Two attempts this year to e-auction Kingfisher House, the airline's corporate office in Mumbai, ended in failure as no buyer approached SBICAP, which is auctioning Mallya's properties on behalf of the lenders.

The lenders efforts at selling other KFA properties including a luxe private jet and brand kingfisher as well the Kingfisher House in Mumbai all met with repeated failure.

With Agency Inputs