The lender’s consortium which decided to e-auction Vijay Mallya’s plush villa in Goa’s Candolim area, failed to get any bidder, mainly due to it’s high reserve price, according to sources.
The reserve price for the palatial property was fixed at Rs. 85.29 crore.
Kingfisher Villa, which was owned by United Breweries Holdings, one of the Mr. Mallya’s group companies, was attached in May this year and the banks put it up for sale. The villa was opened for inspection by interested buyers twice — in September and in early October.
The sea-facing 12,350 square feet property, which Mr. Mallya used to host his famous lavish parties, had earlier evoked interest from some players in the hospitality industry.
SBICap Trustees — a wholly-owned subsidiary of SBI Capital Markets, which is auctioning the property on behalf of the lenders — had said the e-auction will include only the immovable part of the villa and not its movable assets.
This is not the first time that a Mallya property has failed to attract bidders. Kingfisher House at Andheri, Mumbai, also failed to attract any buyers due to a high reserve price.
Banks have been trying to sell Kingfisher Airline’s movable and immovable properties which have been mortgaged to them to recover dues as the carrier has defaulted on repayment of close to Rs. 7,000 crore to over 17 banks as on January 31, 2014.
