After several failed attempts to auction Mallya House, finally, actor Sachiin Joshi has bought the Kingfisher Villa as a private deal.
According to reports, Joshi has agreed to pay Rs 73.01 crore for the property. Initially, in 2016 it was priced at Rs 86 crores, the first time when the villa was put up for auction. The price was reduced to Rs 81 crores in December when unable to find bidder, but the result remained the same.
The private deal is well within the legal rights as the banks are entitled to search for buyers if they fail to auction a property to recover loans.The sea-facing property, had become popular for the lavish parties hosted by Mallya.
Lenders are also trying to sell the Kingfisher House in Mumbai, another high-profile owned by the former liquor baron. The consortium of 17 bankers is trying to recover about Rs 9,000 crore that the banks say the Kingfisher airline owes them.
Joshi, who made his Bollywood debut with Aazaan in 2011, also owns production company Viiking Media & Entertainment, which has agreed to buy the Kingfisher Villa.