Forbes India 15th Anniversary Special

32-year-old Sachiin Joshi is the new owner of Vijay Mallya's Kingfisher Villa

Joshi, who is the owner of Goa's Planet Hollywood resort and Goa King's Pilsner Beer, has confirmed the deal, which is reported to be around Rs 73 crore

Published: Apr 8, 2017 11:30:07 AM IST
Updated: Apr 10, 2017 02:47:34 PM IST

32-year-old Sachiin Joshi is the new owner of Vijay Mallya's Kingfisher VillaVijay Mallya
Image: Ahmad Masood / Reuters

Thirty-two year old actor and entrepreneur Sachiin Joshi is the new owner of the well-known Kingfisher Villa in Goa, which was once owned by beleaguered industrialist Vijay Mallya. The property was taken over by a 17-member banking consortium led by State Bank of India in an effort to recover their dues of about Rs 9,000 crore from Mallya and his now defunct Kingfisher Airlines.

According to media reports that quote sources, Joshi is said to have paid Rs 73 crore for Kingfisher Villa, which is located in Candolim near Goa’s iconic tourist attraction of Fort Aguada. This is said to be a private deal between Joshi and the SBI-led consortium, after the latter failed to sell the property through an auction process which, incidentally, happened thrice. The consortium seems to have taken a haircut in the sale price given that they were looking to fetch above Rs 100 crore for the prized beach-front property.

On Saturday late afternoon, Joshi tweeted: “Now, the owner of the much discussed and celebrated #Kingfisher Villa. #KingfisherVilla #SachiinJoshi," while referring to an online report published by The Times of India. Joshi is the vice-chairman of JMJ Group which has diversified business interests spanning real estate to fitness centres, health spas, and hotels. He is also the owner of Goa King’s Pilsner Beer which he acquired in 2005 for Rs 90 crore. Besides this, Joshi has acted in several Telugu and Hindi movies.