Yeouido 'Seoul Marina' Auctioned at a Minimum Price of 3.2 Billion KRW... Creditor is Optimus Asset Management

Seoul Marina Clubhouse exterior view (Photo by Gigi Auction)

[Asia Economy Reporter Ryu Tae-min] The floating building on the Han River in Yeouido, Seoul, the 'Seoul Marina Clubhouse,' has been put up for auction.

According to Gigi Auction, a court auction specialist company, the fourth auction of the Seoul Marina Clubhouse is scheduled to take place at the Seoul Southern District Court on the 24th of next month. The current minimum bid price for the property is 3,281,900,000 KRW, which is 51% of the appraised value after three previous failed auctions.

The creditor is Optimus Asset Management, whose representatives have been indicted on charges of fund fraud. In September 2018, they acquired the mortgage rights from SC First Bank. The maximum claim amount of the mortgage is 26,650,000,000 KRW. Optimus had previously purchased business loan claims for the Seoul Yacht House, which was already in default, for about 4.3 billion KRW.

The current minimum bid price is about one-quarter of the 12 billion KRW claimed by Optimus. Since the land is owned by the Seoul Metropolitan Government and was developed under a BOT (Build-Operate-Transfer) scheme, with a donation expected in 2031, Gigi Auction explained that the winning bid price could fall further.

Senior researcher Lee Joo-hyun of Gigi Auction said, “Since a lien claim worth about 15 billion KRW has also been registered, it is expected that there will be several more failed auctions,” adding, “There are also dozens of wage claimants who have priority over Optimus, so it is questionable whether full recovery of the claims will be possible.”

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