After failing to find bidders at three auctions, Vijay Mallya’s Kingfisher Villa has finally been sold to actor and businessman Sachiin Joshi for Rs 73 crore through a private treaty.
Sachiin Joshi made his Bollywood debut in 2011 with Aazan directed by Prashant Chadha. He also starred in action film Mumbai Mirror directed by Ankush Bhatt and and Jackpot, a comedy thriller, directed by Kaizad Gustad.
He has also acted and produced films in the Telegu film industry, starring in four films, Mounamelanoyi, Orey Pandu, Ninu Choodaka Nenundalenu and Nee Jathaga Nenundali.
While Orey Pandu saw him essaying the role of a mentally challenged man, the rest were romantic films.
For the third auction on March 6, the reserve price for the villa was set at Rs 73 crore, which was around 10 per cent lower than the second auction held last December when the price of the sea-facing property was set at Rs 81 crore. It was put under the hammer for the first time last October with a reserve price of Rs 85.29 crore.
The villa was used by Mallya to host lavish parties. SBI Caps Trustee was entrusted with auctioning the properties on behalf of the lenders.
He owes over Rs 9,000 crore to lenders like SBI, PNB, IDBI Bank, BoB, Allahabad Bank, Federal Bank and Axis Bank, among others. He left the country on March 3 last year and is currently said to be in Britain and his extradition talks are on.