Hyundai 3rd-generation Jeong Dae-seon, the former president of HNInc, has put up his dwelling in Seongbuk-dong, Seongbuk-gu, Seoul, which was sold in the third auction. Jeong is the husband of former KBS anchorwoman Noh Hyun-jung.
According to GGAuction, a company specializing in auction data, in the third auction held on the 20th at the Seoul Northern District Court for the 228㎡ dwelling owned by the former president Jeong, the property was sold for 2.1899 billion won. Fourteen individuals participated in the bidding that day.
This building was listed for auction in February at an appraised value of 2.69 billion won and had been passed over twice, lowering to 1.7216 billion won, which is 64% of the appraised value. The final bid rate (the ratio of the winning price to the appraised value) is 81.41%.
However, the land measuring 604.0㎡ (182.7 pyeong), which was auctioned together with the dwelling owned by the former president Jeong, received no bids up to the third auction and remained unsold. The appraisal value of this land was 6.69836 billion won, but in the upcoming third auction scheduled for June 17, it is expected to start at 3.42956 billion won, which is 51% of the appraised value.
According to the registration, this land was purchased in 1977 by the late Chung Ju-yung, honorary chairman of the Hyundai Group, and became the property of former president Jeong through inheritance in 2001. The building on the site, which has a basement and two above-ground floors, is registered in the name of his brother Jeong Il-seon, representative of HYUNDAI BNG STEEL.
Lee Joo-hyun, a senior researcher at GGAuction, noted, "Only the land owned by former president Jeong is up for auction, so if someone wins the bid for the land, they cannot use it arbitrarily, and legal disputes may arise with the building owner." He explained that due to this burden, it seems bidders are hesitant about the land.
In the market, it is believed that the dwellings and land of former president Jeong came to the auction market due to the aftermath of HNInc, where he was a major shareholder, entering court receivership. HNInc, a medium-sized construction company with brands such as "Sun & Bill" and "Harriet," applied for corporate rehabilitation procedures due to financial difficulties in March 2023 and received a decision to initiate the rehabilitation process from the court.