Lenders cut Kingfisher Villa auction price by 5%; auction scheduled on December 22

Mumbai: The plush sea-facing Kingfisher Villa at Condolim in north Goa will once again be put up for auction on December 22 as decided by the lenders to the now defunct Kingfisher Airlines. The auction price will be at a marginal discount of 5 percent to the last reserve price.

The reserve price has been set at Rs 81 crore this time in comparison to Rs 85.29 crore when the property was first auctioned on October 19

SBICap Trustee, which is auctioning the property, today said the reserve price for the property has been kept at Rs 81 crore and it would be put on sale on December 22.

The villa was once used by Vijay Mallya to host lavish parties.

After failed attempts to attract buyers in the first auction for different movable and immovable properties of the liquor baron Mallya, like Kingfisher House and various trademarks of the airlines, the lenders have reduced the reserve price by 10 per cent each.

The luxury jet once owned by Mallya failed to get even one-tenth of the reserve price event at the third auctions last week.

In the first attempt to sell the airline's erstwhile headquarters Kingfisher House in the city in March this year, the lenders had kept the reserve price at Rs 150 core but reduced it by 10 per cent to Rs 135 crore in the second auction later in August, which also failed.

For the third time, lenders had put on block the Kingfisher House on December 19, with a reserve price 15 per cent lower at Rs 115 crore from the second auction in August.

In the two failed attempts to sell the long-grounded Kingfisher Airline's brands and trademarks this year, the reserve price was lowered from Rs 366.70 crore to Rs 330.03 crore. However, it also could not attract any bidders.

The lenders are once again auctioning the movable properties --10 cars ranging from Toyota Innova, Honda City, Honda Civic and Toyota Camry, among others, worth Rs 15.72 lakh. These cars would be auctioned on an individual basis on January 5, 2017.