“23.7 billion won in mortgage liens alone” ... Ock Joo-hyun’s “19 billion won” Hannam The Hill heads to auction: “Part of debt-settlement process”

[Financial News] The luxury residence Hannam The Hill in Hannam-dong, Yongsan District, Seoul, which singer and musical theater actor Ock Joo-hyun purchased for 19 billion won, has been put up for court auction. Ock’s representatives explained that this is part of settling debts related to new business ventures and a corporate merger and acquisition (M&A), and said the investment firm plans to repay all the money it borrowed.
On the 29th, according to News 1 and GG Auction, a real estate auction data firm, the Seoul Western District Court ruled on the 14th to begin a voluntary auction of a 332-square-meter home owned by Ock in Hannam The Hill, Hannam-dong, Yongsan District, Seoul. The creditor that applied for the auction is Korea Financial Asset Management Loan, and the claim amount is approximately 2.17 billion won.
Four mortgage liens are registered against the property, with maximum claim amounts totaling 23.79 billion won. However, the maximum claim amount differs from the actual debt.
Ock signed a purchase agreement for 19 billion won in May last year and completed the ownership transfer registration in April this year.
After controversy arose, Gemstone E&M, which represents Ock, issued an official statement, saying, “Ock Joo-hyun has developed concrete business plans centered on the existing corporate building in Sinsa-dong and made practical preparations to pursue new ventures in various fields, including performances, performance planning and education.” It added, “In the process, she secured a large-scale investment from a business investment company.”
It continued, “As part of pursuing the business and securing investment, the Hannam-dong home was purchased in April this year. Following the recent completion of an M&A between Ock Joo-hyun’s company and the investment firm, procedures are under way to settle existing matters, including debts related to the property.” It explained, “The auction involving the Hannam-dong home is also connected to this process of pursuing the business and settling debts.”
It added, “We are currently working with the investment firm on specific debt repayment and settlement procedures, and under the business plan, the firm will repay the full amount of the related loans.” It continued, “We will take the necessary steps to ensure the matter is resolved smoothly.”
[email protected] Kim Su-yeon Reporter