The late Lee Kun-hee, former chairman of Samsung, passed away, and the inherited detached house was recently sold for 22.8 billion won.
It has been confirmed that Hong Ra-hee, honorary director of the Leeum Samsung Museum, Lee Jae-yong, chairman of Samsung Electronics, Lee Boo-jin, president of Hotel Shilla, and Lee Seo-hyun, president of Samsung C&T, jointly owned a detached house in Itaewon, which they sold for 22.8 billion won.
According to the Ministry of Land, Infrastructure and Transport's real transaction disclosure system and the court registry, the four members of the Samsung family signed a contract to sell a detached house located in Itaewon, Yongsan-gu, Seoul, for 22.8 billion won on the 13th of last month. The ownership transfer has not yet been completed, and the buyer is reported to be a businessman.
The house was purchased by the late Lee Kun-hee in 2010 and inherited by them after his passing in 2020, achieving a sale price that rose by about 14.5 billion won over 15 years. The ownership transfer has not yet been finalized, so the buyer cannot be confirmed from the registry, but it is known that a businessman made the purchase.
The detached house, with a land area of 1,073.09 square meters (approximately 325 pyeong) and a total floor area of 496.92 square meters (approximately 150 pyeong), spans from the basement 1st floor to the 2nd floor. It is located near the so-called 'Samsung Family Town' on Itaewon Hill, which the late Lee Kun-hee purchased in September 2010 for 8.2847 billion won from Saehan Media, a subsidiary of the Samsung group. Within a 10-minute walk are the home of Lee Jae-yong, chairman of Samsung Electronics, and the Samsung Leeum Museum.
It was sold for about 70 million won per 3.3 square meters, indicating a 175% increase compared to the price in 2010 (25 million won per 3.3 square meters).
In October 2020, shortly after the late chairman's passing, the inheritance procedure was carried out, and in May 2021, ownership was transferred to Hong Ra-hee (3/9), Lee Jae-yong, Lee Boo-jin, and Lee Seo-hyun (each 2/9). The four members of the Samsung family have not publicly listed the house for sale over the past four years, but it is known that they have attempted to sell it this year.
The sale of this detached house is interpreted as part of the efforts to raise funds for the astronomical inheritance tax of 12 trillion won that must be paid following the late chairman's passing. The late chairman's estate is valued at about 26 trillion won, and the Samsung family is paying the 12 trillion won inheritance tax in installments over six years. They have taken measures to cover the inheritance tax by selling shares in subsidiaries such as Samsung Electronics and securing funds through stock collateral loans since 2021.
Earlier in 2023, the four members of the Samsung family sold another detached house in Itaewon left by the late chairman. This house was listed for sale at 21 billion won immediately after the ownership was transferred to the four members in May 2021. The detached house, consisting of a land area of 1,069 square meters (approximately 323 pyeong), a total floor area of 488 square meters (approximately 148 pyeong), spanning from the basement 1st floor to the 2nd floor, was built in two blocks, A and B, and was purchased by the late chairman in October 2010. The four members of the Samsung family who inherited this property signed a sales contract in October 2023, completing the transfer registration in May of the previous year. The specific sale amount has not been disclosed.