May 07, 2021 12:55
Former President Lee Myung-bak's home in southern Seoul has been put up for sale after Lee was jailed for embezzlement and bribery.
According to Onbid on Thursday, a website auctioning off government-owned assets, Korea Asset Management Corporation posted a notice on April 28 of a public auction of Lee's home in the affluent Nonhyeon area of Gangnam.
The starting bid is W11.13 billion and the auction will be held on June 28-30 (US$1=W1,123). Lee bought the 673.4 sq.m house in 1978.
The Seoul Central District Court seized the property when Lee was indicted in April 2018 to prevent him from selling his assets until a ruling was made. Last October, the Supreme Court sentenced him to 17 years in prison and also slapped him with a W13 billion fine and W5.78 billion forfeiture of assets.
The district court seized the house in December last year after Lee failed to pay the money.
Lee is trying to stop the auction, claiming that his wife Kim Yoon-ok owns half of it. If the house is not sold at the first auction, it will be put up again up to five times more with the reserve price going down up to half of the initial minimum.
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