The sea facing Kingfisher villa in Goa found no takers during an E-auction. This has made it difficult for the lenders to recover their dues from the businessman’s seized assets. Vijay Mallya was known to host lavish parties in the past at the villa.
The reserve price was set at 85.3 crores for the 12,350 sq mt Kingfisher Villa. It was mortgaged by Kingfisher Airlines to get a loan in 2010. The Kingfisher villa was sealed by banks in May of this year. Mainly done to recover the loan amount which now stands at Rs. 9, 000 crores. The State Bank of India is leading the 17-lender consortium, trying to recover their dues.
A few parties had shown interest in purchasing the property when it was opened for inspection at the end of September and early October. However, no bids were received on the day of the auction.