Bad boy billionaire Vijay Mallya's pad in Mumbai called the Kingfisher House was sold for Rs 52.25 crore to Hyderabad-based realty firm Saturn Realtors.
The building includes a basement, a ground floor, an upper-ground floor and an upper floor, measuring a total of 1,586 square meters. It is housed on a 2,402-sq-mtr plot.
As per reports the sale has at Rs 52 cr is a third of the original reserve price of Rs 135 cr set in 2016 for the auction. The drop in price was due to the fact that the lenders failed to find a buyer despite holding multiple auctions across several years.
In June, a consortium of 11 banks led by SBI that gave Mallya loans had approached a special Prevention of Money Laundering Act (PMLA) court seeking restoration of his properties seized by the Enforcement Directorate.The special PMLA court in Mumbai allowed the restoration of properties worth Rs 5000 crore to banks.
Mallya has been declared a wilful defaulter and is wanted by Indian authorities for default in payment of loans related to Kingfisher Airlines that was grounded in 2012.