Ex-President Lee's House Auctioned for W11.2 Billion

      July 02, 2021 13:00

      The home of ex-President Lee Myung-bak, who is in jail for corruption and embezzlement, has sold at auction for W11.2 billion (US$1=W1,134).

      The house in Gangnam's swish Nonhyeon area was seized because Lee failed to pay W18.78 billion in fines and auctioned off by the Korea Asset Management Corporation.

      Lee bought the house in 1978 and has been living there ever since except during his five-year term as president. The three-story property measures 673.4 sq.m. The successful bidder has already paid a 10-percent deposit and must complete the payment within 30 days.

      /Yonhap

      Lee's attorneys plan to file a formal objection claiming that former first lady Lee Yun-ok owns half of the property.

      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.

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