Free Press Journal

Lenders to auction Kingfisher Villa today, price ` 85.3crore


vijay mallyaSahara Force India F1 team principal Vijay Mallya speaks during a press conference following the second practice session at Silverstone motor racing circuit in Silverstone, central England, on July 8, 2016, ahead of the July 10 British Formula One Grand Prix. Lewis Hamilton took full advantage of the absence of his Mercedes team-mate and championship leader Nico Rosberg to top the times in Friday afternoon’s second free practice for the British Grand Prix. / AFP PHOTO / ANDREJ ISAKOVIC

Mumbai : 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, on Wednesday .

 The reserve price for the property, which once was used by Mallya to host lavish parties, has been 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. “The response was good. Nearly six to seven parties from the hospitality industry and a media organisation have visited the villa,” a source had earlier told PTI.