Hyundai 3rd generation Chung Dae-sun ♥ Noh Hyun-jung forced auction of 2.7 billion high-end villas in Seongbuk-dong
Mar 10, 2025
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According to Gigi Auction, a company specializing in light and short-selling data, an auction will be held at the Seoul Northern District Court on the 8th of next month for the land in Seongbuk-dong owned by former President Chung.
Located between the high-end residential areas of Seongbuk-dong, the land is 604.0㎡ (183 pyeong) with an appraisal value of 6.69 billion won.
The auction is reportedly based on Pyeongtaek Savings Bank's application for a compulsory auction. Earlier, an auction was held on the 27th of last month, but it was auctioned off. The second auction will be held at 5.35 billion won, down 20% from the appraised price.
The land was originally owned by Chung Ju-hyung, the late honorary chairman of Hyundai Group, but was inherited by his grandson, Chung, in 2001. The building on the site was limited to the site under the name of Hyundai B&G Steel CEO Jeong Il-sun, former president Chung's brother.
An auction will also be held for a luxury villa in Seongbuk-dong, where former President Chung and his wife live. The building area of this house, which belongs to a high-end villa complex in the form of a town house, is 228㎡ (69 pyeong) and has an appraised value of 2.69 billion won. Bidding will be held again at 2.15 billion won next month after being auctioned off at the first auction last month. It is known that former president Chung currently resides, and if the auction winning bidder wants to live, he must vacate the house.
Meanwhile, H&INC, where former president Chung was the largest shareholder, applied for corporate rehabilitation in 2023 after suffering from financial difficulties due to the worsening real estate market.
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