"A 42 Billion Won Capital Gain"... Seo Jang-hoon Lists Seocho Building Bought for 2.817 Billion Won at 45 Billion Won After 26 Years

[Financial News] Seo Jang-hoon, a former basketball player turned broadcaster, has put up for sale a building he owned near Yangjae Station in Seoul for 45 billion won. It comes 26 years after he bought the property at auction in 2000.
According to The Chosun Ilbo's Ttangjipgo on the 7th, Seo listed the Dabo Building in Seocho-dong, Seocho District, for 45 billion won.
Completed in 1986, the building is located right in front of Exit 2 of Yangjae Station, which is served by Seoul Subway Line 3 and the Shinbundang Line. It has two basement levels and five floors above ground, with a site area of 376.9 square meters and a total floor area of 1,474.9 square meters. Tenants are currently occupying each floor.
Seo bought the building for 2.817 billion won when it came up for auction in 2000. Now, 26 years later, he has put it on the market. If the sale is completed at 45 billion won, he is expected to make a gain of about 28 billion won even after taxes. However, the actual profit could be lower once brokerage fees, legal costs and other necessary expenses are taken into account.
In addition to this building, Seo also owns properties in Heukseok-dong, Dongjak District, with two basement levels and seven floors above ground, and in Seogyo-dong, Mapo District, with five floors above ground. Industry observers estimate that the total value of his real estate holdings exceeds 70 billion won.
Seo, who is also known as a "kind landlord" for setting rents below nearby market rates, drew attention on the 5th when he said on EBS TV's "Seo Jang-hoon's Millionaire Neighbor," "I have never once forced a tenant to move out first."
[email protected] Kim Su-yeon Reporter