New owner Sachiin Joshi to rename Kingfisher Villa | india-news | Hindustan Times
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New owner Sachiin Joshi to rename Kingfisher Villa

Actor-businessman Sachiin Joshi plans to rename the Kingfisher villa, where Vijay Mallya famously hosted lavish parties.

india Updated: Apr 19, 2017 12:06 IST
Nida Khan
Actor-businessman Sachiin Joshi is the new owner of  the Kingfisher villa, where  troubled beer tycoon  Vijay Mallya hosted lavish parties.
Actor-businessman Sachiin Joshi is the new owner of the Kingfisher villa, where troubled beer tycoon Vijay Mallya hosted lavish parties.(HT photo)

New owner, new name.

The iconic Kingfisher Villa once owned by troubled liquor baron Vijay Mallya is likely to be rechristened by Sachiin Joshi, who bought the luxury property in north Goa’s upscale Candolim beach village a week ago.

After three failed auctions, a consortium of banks led by the State Bank of India sold the three-acre beachfront property to Joshi, another beer baron, for Rs 73.01 crore.

“The name should change. But I am yet to finalise any name. Once I decide on it, I will let everyone know,” said Joshi, who is the promoter of Viiking Ventures Private Limited, after he took over the villa on Monday.

Viiking Ventures is a media and entertainment group with interests in beverages, including mineral water and Goa strong beer, media, hospitality and healthcare.

The sale of the villa, where Mallya hosted his famous lavish parties, is towards the recovery of more than Rs 9,000 crore that he owes to banks.

When asked if the villa would be used for a business venture, Joshi said he had not taken a decision yet.

The banks may have struggled to find a buyer but Joshi said, “It’s a good feeling a very positive feeling.” The house is one of the many that Joshi owns across the country.

Joshi said he visited the villa around 10 years ago for a party and thought it was one of the finest properties he had seen.

“I had then thought that someday if I get an opportunity, I will buy it. I even remember telling a friend that if I were to build or buy a villa, it would be like the Kingfisher villa,” he had told media after buying the bungalow.

With an estimated value of more than Rs 100 crore, the villa comes with artificial ponds, private swimming pools, open air dance floors and lush green gardens.

It was among the assets Mallya pledged to his lenders, who took possession of the property in May 2016. The villa was legally owned by United Breweries Holdings, the parent of the airline.

The flamboyant business is wanted by authorities for defaulting on loans related to Kingfisher Airlines that was grounded in 2012. He left the country on March 3 last year and is said to be in the UK. The government is trying to get him extradited but it is not going to be easy.

(with agency inputs)