Lee Kyung-sil, 89 pyeong of Han River View Apartment Auction...Was debt a problem
May 15, 2025
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According to Gigi Auction, a company specializing in real estate bidding and short selling on the 15th, an auction for a 293㎡ (about 89 pyeong) apartment owned by Lee Kyung-sil will be held at the Seoul Western District Court on the 27th. The auction price starts at 2.55 billion won.
The apartment is a building completed in the early 1970s located at the beginning of Ichon-dong and consists of 24 households with a size of 223 to 317㎡. Many households can view the Han River, and Lee Kyung-sil has owned the apartment since purchasing it for 1.4 billion won in 2007.
Analysts say that Lee Kyung-sil borrowed money as collateral for this house and was auctioned off because it was not deep. Experts say that it is a voluntary auction due to non-payment of mortgage loans. A voluntary auction is a procedure in which creditors can request an auction without trial if a debtor defaults on the principal and interest of the loan for more than three months.
The apartment has a collateral security right of 1.8 billion won in the maximum amount of bonds under A's name, and A filed a voluntary auction with the court in September last year after claiming about 1.33 billion won in bonds. Since then, the bonds have been transferred to a loan company.
Lee Joo-hyun, an expert on Gigi Auction, explained, "This apartment is an old house that has been over 50 years since its completion, and the difficulty of general sale as Yongsan-gu is currently designated as a land transaction permit area is one of the reasons behind the auction."
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