Seized and Auctioned... The Tragic History of Former Presidents' Houses

Former President Park Geun-hye's Private Residence Sold at Public Auction for 3.8 Billion Won
Ownership Transfer at Risk and Controversies Over 'Ultra-Luxury Residence'

The exterior view of former President Park Geun-hye's residence in Naegok-dong, Seocho-gu, Seoul, which was put up for public auction

On the 12th, the former President Park Geun-hye's residence in Naegok-dong, Seocho-gu, Seoul, which was put up for public auction, was finally sold for 3.864 billion KRW. This was just over four years since Park purchased it in 2017.

◆Seizure and Public Auction... Former Presidents Park Geun-hye and Lee Myung-bak's Residences

The institution entrusted with the public 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 confiscated funds. The winning bidder was decided through the first round of public auction bidding held from the 9th to the 11th. The final bid was 698.46 million KRW higher than the appraised minimum bid price of 3.16554 billion KRW. Park purchased this house in April 2017 for 2.8 billion KRW. The land area is 406㎡, and the building, constructed with a basement and two above-ground floors, has a total area of 571㎡.

The presidential residence holds a unique value as real estate because it was the living space of the nation's highest leader. It is also not easily put on the market. However, the fate of former presidential residences has not been very smooth.

Former President Lee Myung-bak's residence also faced seizure and public auction. To recover fines and confiscated funds, Lee's residence in Nonhyeon-dong, Seoul, was sold at a public auction on June 28 for 11.156 billion KRW, which was 0.27% higher than the minimum bid price of 11.126193 billion KRW.

In 2018, when the prosecution indicted former President Lee, they requested seizure preservation on Lee's assets held in his name and under borrowed names. The court partially accepted this, freezing the Nonhyeon-dong residence, Bucheon factory buildings, and land. Lee and his spouse filed for a suspension of execution to stop the public auction of the Nonhyeon-dong residence, but the court rejected the request.

Former President Chun Doo-hwan's residence may also be subject to public auction. The prosecution has seized assets worth hundreds of millions of KRW, including Chun's residence in Yeonhui-dong, family-owned forest land in Osan City, and buildings and land in Yongsan-gu, and has been proceeding with the public auction process. Litigation is currently ongoing due to objections from the real estate title holders and Chun's side. The prosecution, which is enforcing Chun's confiscated funds, plans to recover an additional 1.65 billion KRW by the end of next year.

Former President Jeon Du-hwan's Residence in Yeonhui-dong, Seodaemun-gu, Seoul

◆Ownership Transfer Conflicts and Controversies Over Luxurious Residences

Former President Kim Young-sam (YS)'s residence narrowly escaped crisis despite seizure measures. At the end of 2016, Kim's residence located in Sangdo-dong, Dongjak-gu, Seoul, faced the threat of seizure. The nonprofit organization 'Kim Young-sam Democracy Center,' which owned the residence, incurred debts, leading to the seizure. Kim, who had promised to return his assets to society during his lifetime, transferred ownership of the residence he held to the 'Kim Young-sam Democracy Center' in 2011. To protect the residence, Kim's family gathered funds amounting to 1.1 billion KRW. Eventually, in February 2017, ownership of the residence was transferred to Kim's eldest grandson.

Presidential residences have also been subjects of political disputes regardless of party lines.

Former President Kim Dae-jung demolished his residence in 2002 before his retirement and rebuilt it at a cost of 2 billion KRW. The opposition party criticized it as the 'DJ luxury town.' Kim's side explained that the renovation costs were covered privately and that the installation of an elevator was to accommodate Kim's physical discomfort.

Former President Kim Young-sam (YS)'s residence was not exempt from 'luxurious residence' controversies. YS had pledged during his term that he would return to his old house in Sangdo-dong, Seoul, unchanged after retirement, but he built a new residence costing over 800 million KRW. The Blue House explained that the house was old and at risk of collapse, making reconstruction inevitable, but criticism was unavoidable as this occurred during the 1997 financial crisis.

The most heated controversies related to presidential residences occurred during former President Roh Moo-hyun's time. Roh built a residence in his hometown, Bongha Village, Gimhae City, Gyeongnam Province, but the large land area (4,262㎡, 1,289 pyeong) sparked controversy. The opposition party harshly criticized Roh's residence, calling it 'Abang Palace' and 'Nobang Palace.' Roh's side explained that half of the land area was for the security building and that it was the first time a retired president's residence was established outside Seoul.

Meanwhile, the residence where President Moon Jae-in and his spouse will live after retirement next year is being built in Pyeongsan Village, Habuk-myeon, Yangsan City, Gyeongnam Province. Construction began in April, but some Habuk residents opposed it due to lack of communication and noise issues, causing a temporary halt before resuming the following month.

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