Jeon Du-hwan Family's Ancestral Burial Ground Sold for 1.05 Billion Won After 7 Years of Public Auction

[Image source=Yonhap News]

[Asia Economy Reporter Kim Hyung-min] The family burial ground of former President Jeon Du-hwan, which was put up for auction to pay the confiscation fine, was sold after seven years.

According to the Korea Asset Management Corporation on the 6th, the family burial ground of former President Jeon located in Yulgok-myeon, Hapcheon-gun, Gyeongnam Province, was sold for about 1.05 billion won on the 1st. The auctioned property included approximately 610,000㎡ of land and 263㎡ of buildings.

The burial ground is owned by the Seonggang Cultural Foundation, established in 1985 by Lee Gyu-dong, the father-in-law of former President Jeon. Currently, Jeon Jae-guk, the eldest son of former President Jeon, serves as the chairman of this foundation.

The family put the land up for sale in September 2013, claiming it was worth 6 billion won, to pay the confiscation fine. The Seoul Central District Prosecutors' Office, which has been recovering the confiscation fines from former President Jeon, put the land up for auction, but due to its low development value, it was repeatedly passed over until it was finally sold after seven years.

However, there is still a long way to go before the confiscation fine is fully paid. The prosecution has recovered 123.5 billion won in assets from former President Jeon so far, excluding the burial ground. This amounts to about 56% of the total confiscation fine of 220.5 billion won.

This content was produced with the assistance of AI translation services.