The liquor baron left the country in March and is currently said to be living in Britain.
A State Bank of India (SBI)-led consortium of banks will on Wednesday auction the Kingfisher Villa in Goa, which was once owned by industrialist Vijay Mallya.
The reserve price for the Goa property has been set at Rs 85.29 crore.
Kingfisher Villa, owned by United Breweries Holdings (UBHL), was mortgaged as collateral for loans to Kingfisher Airlines.
Kingfisher Airlines owes around Rs 9,000 crore to the consortium of 17 banks.
The villa had been opened for inspection to interested bidders on September 26-27 and October 5-6.
Two attempts this year to e-auction Kingfisher House, the airline's corporate office in Mumbai, ended in failure as no buyer approached SBICAP, which is auctioning Mallya's properties on behalf of the lenders.