The auction process for the APT. owned by comedian and broadcaster Lee Kyung-sil in Dongbu Ichon-dong, Yongsan District, Seoul, is underway.
According to GGAuction, a real estate auction data company, the auction for the 293㎡ (89 pyeong) APT. owned by Lee Kyung-sil will take place on the 27th at the Seoul Western District Court. The starting bid is 2.55 billion won.
This APT. was completed in the early 1970s at the entrance of Ichon-dong. It consists of 24 units ranging from 223 to 317㎡, with many units overlooking the Han River. According to the register, Lee Kyung-sil purchased this APT. for 1.4 billion won in 2007 and has held onto it since.
The auction of Lee Kyung-sil's home is believed to have occurred because he failed to repay the money borrowed against this house as collateral. A mortgage with a maximum claim amount of 1.8 billion won is set up under the name of an individual identified as A. A applied for voluntary auction at the court, claiming more than 1.33 billion won last year.
A voluntary auction is a process in which real estate that a debtor borrowed money against as collateral is put up for auction without a court trial if the principal or interest is overdue for more than three months, initiated by a financial institution such as a bank. A subsequently transferred the claim to a lending company.
Lee Joo-hyun, a specialist at GGAuction, noted, “Considering that the APT. is over 50 years old and that Yongsan District has been designated as a land transaction permission zone, it appears to have come to auction due to difficulties in selling.”