Mumbai: Vijay Mallya has been in controversies since his loans issue. After failing to find any buyer at multiple auctions lenders have agreed to dispose the auction through a negotiated sale. Now Mallya's famous Kingfisher Villa has finally been sold to 32 year old actor-businessman Sachin Joshi.
Joshi has reportedly paid marginally higher than the last reserve price of Rs 73 crore. As per practice, banks are allowed to look for buyers if they do not get any response after failing to auction a property. Earlier, SBI chairman Arundhati Bhattacharya confirmed that there was a sale but did not reveal the name of the buyer.
The actor's website describes him as the vice chairman of JMJ group of companies. The website describes his business interest as ranging from Fitness Centres to Health space and owns Viking Media and Entertainment. Joshi has starred in hindi movies including Aazaan, Mumbai Mirror and Jackpot.
The sea-facing villa, situated in Candolim, Goa had earlier attracted interest from at least half a dozen players in the industry and a media group. However, the reserve price of Rs 85 crore did not result in any buyers. Later, lenders made another attempt to sell the Villa in December and brought down the price to Rs 81 crore again without success. The last auction took place in March 2017 when with a lower reserve price of Rs 73 crore.
State Bank of India took physical possession of the property in May 2016.