Kingfisher Villa auction today, lenders set reserve price at price Rs 85.3crore | business-news | Hindustan Times
Today in New Delhi, India
Jul 29, 2017-Saturday
-°C
New Delhi
  • Humidity
    -
  • Wind
    -

Kingfisher Villa auction today, lenders set reserve price at price Rs 85.3crore

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

business Updated: Oct 19, 2016 02:03 IST
Kingfisher Villa has hosted dozens of lavish parties and also finds mention in West Indian cricketer Chris Gayle’s book, Six Machine
Kingfisher Villa has hosted dozens of lavish parties and also finds mention in West Indian cricketer Chris Gayle’s book, Six Machine

The 17-lender consortium led by State Bank of India will auction the Kingfisher Villa, the sea-facing plush property in Goa once owned by the beleaguered Vijay Mallya, 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.