Former President Park Geun-hye's Naegok-dong Residence Sold for 3.864 Billion Won

Sold for Approximately 700 Million Won Above Appraised Value

The exterior view of former President Park Geun-hye's residence in Naegok-dong, Seocho-gu, Seoul

The former residence of former President Park Geun-hye in Naegok-dong, Seocho-gu, Seoul, which was put up for public auction, was finally sold at a price of 3.864 billion KRW, significantly higher than the surrounding market price. This price is 698.46 million KRW higher than the minimum bid price (3.16554 billion KRW), which was the appraised value.

There were concerns that the auction might fail due to difficulties in transferring ownership while former President Park is incarcerated. However, these concerns proved unfounded. There is speculation that the winning bidder may be a stakeholder related to former President Park rather than an investor or an end-user seeking profit.

According to Giji Auction and the Korea Asset Management Corporation (KAMCO) public asset disposal system Onbid on the 12th, the residence was put through the first round of public auction bidding from the 9th to the 11th, and the winning bidder was decided on this day. There were three valid bids.

The institution that commissioned the auction was the Seoul Central District Prosecutors' Office. The prosecution executed the seizure in March after former President Park, who was convicted in the state affairs manipulation case, failed to voluntarily pay fines and penalties.

This building is a detached house registered for preservation 13 years ago in 2008, with an appraised value of 3.16554 billion KRW.

Former President Park purchased this house in April 2017 for 2.8 billion KRW. The land area is 406 square meters, and the total building area, consisting of a basement and two above-ground floors, is 571 square meters.

If former President Park, who was detained on March 31, 2017, serves the remaining sentence (a total of 22 years), she will be released in 2039 at the age of 87.

Meanwhile, former President Lee Myung-bak’s residence in Nonhyeon-dong was also put up for public auction and sold for 11.156 billion KRW. This price was 0.27% higher than the minimum bid price of 11.126193 billion KRW. The former president and his wife filed for a suspension of execution to halt the auction of the Nonhyeon-dong residence and other properties, but the court did not accept the request.

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