Vijay Mallya let his 17-bedroom French island mansion rot; bank lists it for sale

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Vijay Mallya let his 17-bedroom French island mansion rot; bank lists it for sale


Vijay Mallya let his island mansion fall into disrepair, a bank has alleged. The mansion has now been listed for sale.

Former liquor baron Vijay Mallya (Photo: Reuters File)

HIGHLIGHTS

  • The 1.3-hectare property on the French island was left to fall into disrepair, bank said
  • Mallya bought the mansion using a $30 million loan from Ansbacher & Co
  • Vijay Mallya, however, has defaulted on the loan

Former liquor baron Vijay Mallya’s 17-bedroom mansion on a French island is rotting, a bank has said.

A bank that has sued Vijay Mallya for the unpaid debt has alleged that the 1.3-hectare property on the French island Ile Sainte Marguerite, which has a cinema, helipad, and its own nightclub, was left to fall into disrepair, a report in Bloomberg has said.

As per the report, Mallya bought the mansion using a $30 million loan from Ansbacher & Co, a unit of Qatar National Bank SAQ. He, however, defaulted on the loan.

Following Mallya’s request to extend the loan, the bank reportedly instructed an inspection of the property. On inspection, the real estate agents found that the value had fallen by 10 millions euros.

“Unsuitable interior designers and builders engaged to carry out repairs at the property left it in a worse state,” the bank’s lawyer was quoted as saying.

The bank is now seeking order from a London court to force Mallya to sell his 50-metre superyacht which is currently impounded in England. A 5-million euro mortgage on the boat serves as security for the loan, the Bloomberg report says as it adds that the island home is now listed for sale.

Vijay Mallya, who founded the now-defunct Kingfisher Airlines Ltd and is currently in the UK, has been charged by the Enforcement Directorate (ED) with defaulting on bank loans to the tune of Rs 9,000 crore.

He is also facing an extradition trial in the UK.

Also read | UK High Court reserves judgment in Vijay Mallya’s bankruptcy case till early 2020

Also watch | Court allows banks to auction Vijay Mallya’s assets to clear debt

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