'Second Highest Appraisal Ever' Seogyo-dong 19.3 Billion KRW Detached House Fails to Sell

The detached house in Seogyo-dong, Mapo-gu, Seoul, owned by the late Lee Jae-woo, chairman of Daelim Tongsang, which was appraised at nearly 20 billion KRW, failed to sell at auction.

A detached house in Seogyo-dong, Mapo-gu, Seoul, noted for its appraised value approaching 20 billion won

According to Gigi Auction, a company specializing in auction and public sale data, the auction for the detached house in Seogyo-dong was held at the Seoul Western District Court on the 18th, but there were no bidders, resulting in a failed auction. The appraised value of this detached house is 19,357,560,000 KRW. It attracted attention even before the auction as it is the second highest appraised value among detached houses in South Korea.

The detached house with the highest appraised value to date was a detached house in Sinsa-dong, Gangnam-gu, which went to auction in 2012 with an appraised value of 22,856,040,000 KRW. Before the Seogyo-dong house appeared, the second highest appraised value was a detached house in Hannam-dong, Yongsan-gu, Seoul, which was auctioned in 2020 with an appraised value of 15,589,140,000 KRW.

The Seogyo-dong detached house that was auctioned this time was owned by Chairman Lee Jae-woo, the founder of Daelim Tongsang. It is a building with a land area of 848.2㎡ and a total floor area of 269.75㎡, consisting of one basement floor and two above-ground floors. Chairman Lee completed the building in 1978 and lived there. After his death in 2015, his wife, the late Chairman Ko Eun-hee, his daughter, Vice President Lee Hyo-jin, and a Mr. Lee inherited the property. The shares are divided among the late Chairman Ko, Vice President Lee, and Mr. Lee at 51.05%, 21.58%, and 27.37%, respectively.

This auction came about because the heir, Mr. Lee, filed a partition lawsuit against the late Chairman Ko and Vice President Lee, among others. When two or more people jointly own real estate and cannot reach an agreement on partition among the parties, a co-owner can file a partition lawsuit with the court. The court usually orders an auction of the shared property.

Since the property failed to sell this time, the auction is scheduled to proceed on the 22nd of next month at 15,486,040,000 KRW, which is 20% lower than the appraised value.

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