Former Korean President Park Geun-hye’s private house to be auctioned in August

[Global Network Report] Yonhap News Agency quoted South Korean court judicial auction company GG Auction on the 22nd, saying that the private house of former South Korean President Park Geun-hye in Gudong, Seocho District, Seoul, will be auctioned for the first four days on August 9.

Former Korean President Par
Photo courtesy of GG Auction, Park Geun-hye’s private house in Gudong, Seocho-gu, Seoul
According to reports, the Seoul Central District Attorney’s Office seized Park Geun-hye’s private house in Naegok-dong, Seoul and commissioned the Korean Asset Management Corporation to auction it to recover the fines and proceeds of crime owed by Park Geun-hye.

The report mentioned that the appraised price of the private house was 3.16554 billion won (approximately RMB 18.073 million), with 1 underground floor and 2 above ground, with a land area of 406 square meters and a building area of 571 square meters. If this auction fails, the second auction will be launched a week later, with a starting price of 90% of the first reserve price.