Seo Hyun Jin’s rented villa in Seoul has sold at auction for 2.55 billion won ($1.9 million).
The property, located in the Cheongdam area of Gangnam District, was sold for 2.55 billion won on October 6th. The sale still needs final approval from the court, according to reports on October 7th.
The property was valued at 2.87 billion won ($2.14million), making the winning bid about 89% of its value. The minimum bid was 1.47 billion won ($1 million), but the property sold for 1.08 billion won ($808,000) more than that amount. There was only one bidder.
The property had previously been put up for auction three times, but no one placed a bid. The first auction was held in May 2025 with a starting price of 2.87 billion won. The price was lowered to 2.29 billion won ($1.71 million) in June and 1.83 billion won ($1.37 million) in July, but the property still did not sell. The auction was then put on hold in August when the minimum bid was lowered to 1.47 billion won.
The auction resumed after the property owner filed for bankruptcy. Bidding reopened on October 6th with the minimum price set at 1.47 billion won. The auction drew attention because the minimum bid had fallen to nearly half the property’s value, while Seo Hyun Jin had a 2.625 billion won ($1.96 million) rental deposit tied to the property.
Seo Hyun Jin first rented the property in March 2020, paying a 2.5 billion won ($1.87 million) deposit. When she renewed the lease in 2022, the deposit increased by 125 million won ($93,000) to 2.625 billion won ($1.96 million).
Her lease ended in April 2024, but she did not get her deposit back. She filed to register her lease rights in September 2024 to protect her claim to the deposit.
The auction records list her deposits as 2.5 billion won for the original lease and 2.625 billion won for the renewed lease. The deadline for creditors to submit claims for the sale proceeds was November 27th, 2024.
The winning bid is 66.1 million won ($49,000) less than Seo Hyun Jin’s 2.625 billion won deposit ($1.96 million). However, this does not mean she will necessarily lose that amount.
The money from the sale will be divided among those with claims on the property, and the final amount Seo Hyun Jin will receive has not yet been decided. The auction itself is also not yet final.
A court hearing to decide whether to approve the sale is scheduled for October 13th at 2PM. If the court approves the sale, the buyer will complete the remaining steps, including paying the purchase price, before the deal is finalized.
>> Seo Hyun Jin’s Landlord Goes Bankrupt, Putting Nearly $2 Million Deposit at Risk
In the meantime, watch trending K-dramas for free on Amasian TV.
Source (1)
