The 12,350 sq mt Villa was once used by Mallya to host lavish parties in his 'good times'.
Price has been fixed at Rs 85.3cr
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
The Villa, owned by United Breweries Holding, was mortgaged by KFA to SBI-led 17-bank consortium to obtain loans in 2010
In March this year, the banks tried to sell the Kingfisher House in Mumbai to recover a part of their dues.
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.
Cars, towing machines, forklifts, tractors, fire extinguishers, and iron ladders will be e-auctioned.
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
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
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).
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
The airline, part of Vijay Mallya-led UB Group, has been grounded since October 2012, after being bogged down by huge and mounting losses.
For almost all the properties owned by Vijay Mallya, the reserve price has been marked down after the earlier attempts failed to attract bidders.
In a major clampdown for non-compliance of Listing Agreement, top exchanges BSE and NSE announced suspension of trading in shares of Kingfisher Airlines and another group firm, UB Engineering, from next month.
Banks have been struggling hard to recover dues from grounded Kingfisher Air.
Mallya offered to pay Rs 4,000 crore (Rs 40 billion) as settlement.
The 25-seater aircraft is interspersed with plush sofas, a cushioned bed, bars, showers and a bathrobe
'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.
The move also invalidates, albeit temporarily, Mallya's repeated assurances to the court and the public of a revival plan for the carrier.
The Goa villa, Mumbai office could be put on the block.
Vijay Mallya has lost control of his companies.
Mallya has lived on the edge for long enough to know that his extradition from UK is not a given, says N Sundaresha Subramanian.
A consortium of Indian public sector banks led by SBI sought a bankruptcy order against embattled liquor tycoon Vijay Mallya during a high court hearing in London on Wednesday as part of efforts to recoup around 1.145 billion pounds in unpaid loans. Mallya's legal team, led by barrister Philip Marshall, argued for the bankruptcy petition to be dismissed because their client was being unfairly pursued by the banks in India and the UK on opposing grounds.
The consortium led by SBI has also initiated the process of recovery.
United Bank's exposure to Kingfisher Airlines was around Rs 350 crore (Rs 3.50 billion)
In a relief to liquor baron Vijay Mallya, the high court in London has deferred hearings on a plea by the SBI-led consortium of Indian banks, seeking the indebted tycoon to be declared bankrupt to enable them recover a loan of around 1.145 billion pounds from him. Justice Michael Briggs of the insolvency division of the high court granted relief to Mallya, ruling that he should be given time till his petitions to the Supreme Court of India and his settlement proposal before the Karnataka high court be determined, allowing him time to repay his debts to the banks in full.
These exist in a unique world of by-invitation-only properties -- those that are never advertised and which money alone cannot buy. One cannot simply walk in for a tour of these apartments. A buyer must first meet the developer's targeted social criteria to get invited for a walkthrough of the property.
We tried our best to recover money from Vijay Mallya: Arundhati Bhattacharya
If the offer is accepted, banks will have to take a haircut of about 30 per cent or Rs 2,500 crore of the total receivables of over Rs 9,000 crore.
For his 60th birthday in December, which he called his third 20th birthday, Mallya flew in Enrique Iglesias to perform at his villa overlooking the beach in Goa.
As his personal wealth started booming, Mallya went on a buying spree.
RPG Enterprises Chairman Harsh Goenka thinks aloud about what Vijay Mallya could or should do to get out of the current mess.
The changes would be the most ambitious overhaul to date of rules governing the liquidation or revival of companies in India.
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