No Takers For Mallya's Plush Kingfisher Goa Villa, Auction Ends
No Takers For Mallya’s Plush Kingfisher Goa Villa, Auction Ends

The 17-lender consortium led by State Bank of India on Wednesday ended the auction of Kingfisher Villa, the sea-facing plush property once-owned by the beleaguered Vijay Mallya in Goa. The e-auction closed with no offers.

Reports said that not a single bid was received for Vijay Mallya’s plush villa.

The reserve price for the property, which once was used by Mallya to host lavish parties, was set at Rs 85.29 crore.

Lenders had taken the possession of the villa in May this year after a protracted legal battle with United Spirits over tenancy rights.

The villa was owned by United Breweries Holdings, one of the Mallya group companies and was mortgaged by the now-grounded Kingfisher Airlines to the consortium of banks to obtain loans in 2010.

Lenders had opened the villa for inspection to interested bidders in two slots–September 26-27 and October 5-6. In the four days during which the property was thrown open, around half-a-dozen entities had visited the palatial villa.

Mallya owes over Rs 9,000 crore to lenders like SBI, PNB, IDBI Bank, BoB, Allahabad Bank, Federal Bank and Axis Bank, among others.

He had left the country in March and is currently said to be in Britain, having defied several court orders to return to India.

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