Vijay Mallya's Goa villa up for auction at Rs 85.29-cr reserve price

Vijay Mallya owes around Rs 9,000 crore to a consortium of 17 banks

Vijay Mallya

A 17-lender consortium led by the State Bank of India on Wednesday will auction the Kingfisher villa in Goa, which was once owned by industrialist Vijay Mallya. The reserve price for the Goa property has been set at Rs 85.29 crore.

Vijay Mallya owes around Rs 9,000 crore to the consortium of 17 banks. The liquor baron left the country in March and is currently said to be living in Britain.

In May this year, the Bombay High Court on Friday directed the Service Tax department to put out a notice advertising the auction of an airbus owned by Mallya.

Kingfisher Villa, owned by United Breweries Holdings (UBHL), was mortgaged as collateral for loans to Kingfisher Airlines. The villa had been opened for inspection to interested bidders on September 26-27 and October 5-6.

Two attempts this year to e-auction Kingfisher House, the airline’s corporate office in Mumbai, ended in failure as no buyer approached SBICAP, which is auctioning Mallya’s properties on behalf of the lenders.