“Bought for 19 billion won, but just six months later...” Ock Joo-hyun’s Hannam The Hill heads to auction

[Financial News] Hannam The Hill in Yongsan District, Seoul, which singer and musical theater actress Ock Joo-hyun bought for 19 billion won, has been put up for court auction about six months later. She completed the registration of the ownership transfer for the home last April; at the time, it was reported to be the highest-priced transaction in Hannam The Hill’s history.
According to the auction industry on the 29th, the Seoul Western District Court issued a decision on the 14th to commence a voluntary auction of the Hannam The Hill home registered in Ock Joo-hyun’s name. The creditor that applied for the auction is Korea Financial Asset Management Daebu, and the amount claimed is approximately 2.17 billion won.
A voluntary auction is a procedure in which, if a debtor fails to meet an obligation secured by collateral, a mortgage holder or another party exercises its security rights to request the sale of the property. The home’s registry shows four mortgages, with a combined maximum claim amount of 23.7 billion won. However, the specific reason for the auction application and the actual amount of debt still outstanding have not been confirmed.
Ock Joo-hyun signed a purchase agreement for the home on May 7 last year and completed the registration of the ownership transfer on April 10 this year. The purchase price was 19 billion won. Heo Hee-soo, president of SPC Group and the previous owner, reportedly bought the home for 6.9 billion won in September 2015.
The 19 billion won sale price was 1.5 billion won higher than the 17.5 billion won recorded last year by Jin, a member of BTS. It thus set a new record for the highest-priced transaction in Hannam The Hill’s history, and the home was also reported to be the first one Ock Joo-hyun had bought in her life.
The auction proceedings are currently still at the initial stage. The home’s appraised value, minimum bid price and sale date have not yet been set. If the debt is repaid or an agreement is reached with the creditor, the auction application may be withdrawn or the proceedings may be halted.
Hannam The Hill is a luxury residential complex built on the former site of Dankook University in Hannam-dong, Yongsan District, Seoul, and is known in South Korea as an ultra-high-priced apartment complex.
[email protected] Han Seung-gon Reporter