The 12,350 sq mt Villa was once used by Mallya to host lavish parties in his 'good times'.
On Wednesday, the collector had issued an order in favour of the 17-banks consortium led by SBI to take physical possession of the villa
Price has been fixed at Rs 85.3cr
The Villa, owned by United Breweries Holding, was mortgaged by KFA to SBI-led 17-bank consortium to obtain loans in 2010
Buyer actor-producer Sachiin Joshi, who owns Viiking Media, has reportedly bought the villa, spread over 12,350 sq ft or three acre at Candolim.
In March this year, the banks tried to sell the Kingfisher House in Mumbai to recover a part of their dues.
The Enforcement Directorate had asked for financial details from both public and private sector banks and a part of these details were submitted last week
Cars, towing machines, forklifts, tractors, fire extinguishers, and iron ladders will be e-auctioned.
For almost all the properties owned by Vijay Mallya, the reserve price has been marked down after the earlier attempts failed to attract bidders.
The 17-lender consortium, led by State Bank of India had put on auction the property with a reserve price of Rs 115 crore, which was 15% less than the second auction of the property held in August
'For Mallya, it seems 'the night is dark and full of terrors' and if you believe his lawyers, he's only looking for some sunshine,' says Veer Arjun Singh.
SBI has the highest exposure of Rs 1,600 crore to the beleaguered Kingfisher Airlines.
The other two companies were Spanco Limited (Rs 37 crore or Rs 370 million) and Arch Pharma (Rs 56 crore or Rs 560 million).
Mallya offered to pay Rs 4,000 crore (Rs 40 billion) as settlement.
Prospective bidders had earlier termed the reserve price as too high, while multiple legal woes of Mallya-led UB Group are also being cited by many as reasons for lack of interest in buying this property
The 25-seater aircraft is interspersed with plush sofas, a cushioned bed, bars, showers and a bathrobe
Mallya has lived on the edge for long enough to know that his extradition from UK is not a given, says N Sundaresha Subramanian.
The move also invalidates, albeit temporarily, Mallya's repeated assurances to the court and the public of a revival plan for the carrier.
Vijay Mallya has lost control of his companies.
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