May 24, 2018

Park sells Gangnam home for W6.7b

PUBLISHED : April 21, 2017 - 17:28

UPDATED : April 21, 2017 - 17:28

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[THE INVESTOR] Former President Park Geun-hye sold her home in downtown Seoul for 6.7 billion won (US$5.9 million) and purchased a new one in a quitter neighborhood on the southern edge of the capital, local media reported on April 21.

“The old house was too shabby and caused inconveniences to neighbors. (The area) was too crowded, so she decided to move to a quieter neighborhood,” Park’s confidant told Yonhap News Agency.

After Park moved in to the old home in Samseong-dong, two days after being ousted from power, neighbors complained about the noise and ruckus created by her loyal supporters staging rallies in the area, calling for her impeachment to be invalidated. Park is now in custody, pending a criminal trial on corruption.

According to the news reports, Hong Seong-yeol, CEO of a local shopping mall Mario Outlet known to be close to Park’s younger brother, is the new owner of the two-story house.

Park’s new home is located in Naegok-dong, where former President Lee Myung-bak also resides. Park’s belongings will likely be moved to the new house late next week.

Park was removed from power on March 10 over a corruption scandal. The prosecution indicted her on a total of 18 charges including bribery and abuse of authority. A preparatory hearing of her trial is set for May 2.

By Ock Hyun-ju /The Korea Herald (

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