Lee Soo-man gifts 5 billion KRW Gangnam apartment to foreign journalist 17 years younger

Lee Soo-man, Chief Producer of SM Entertainment / Photo by SM Entertainment

[Asia Economy Reporter Lim Juhyung] Lee Soo-man (70), the Chief Producer of SM Entertainment, has been confirmed to have gifted a luxury apartment in Gangnam-gu, Seoul, to a female journalist in her 50s. The high-priced building, with units trading for approximately 4 to 5 billion KRW each, is known to be owned by famous singers and others.

According to multiple media reports on the 21st, the Chief Producer gifted an apartment with an exclusive area of 196.42㎡ (59.42 pyeong) located in Cheongdam-dong, Gangnam-gu, Seoul, to a female journalist A (53) in March.

The Chief Producer had purchased this apartment in 2015 for about 3.9 billion KRW. The official assessed value of the house is 3.471 billion KRW, and this year, a unit of the same size was sold for 4.9 billion KRW. In other words, the apartment gifted is worth about 5 billion KRW.

This apartment is also reported to be owned by celebrities such as singer Jo Young-nam.

Ms. A, who received the luxury apartment from the Chief Producer, is known to be a foreign correspondent affiliated with the Seoul bureau of a U.S. broadcasting company. She is reported to cover international affairs in the U.S., Singapore, Hong Kong, Korea, and other locations. She has appeared on various broadcasts and has been introduced as a "beautiful journalist," and has also published a book.

The Chief Producer's gift of the residence does not violate the Improper Solicitation and Graft Act (Kim Young-ran Act). This is because foreign media bureaus in Korea are not defined as media companies under the Act on the Mediation of Media Disputes and Victim Relief, and thus are excluded from the law's application.

Meanwhile, the Chief Producer founded SM in 1995 and has produced various idol groups such as H.O.T, S.E.S, Shinhwa, BoA, TVXQ, Girls' Generation, EXO, Red Velvet, and aespa.

He married the late Kim Eun-jin in 1984. Mrs. Kim was diagnosed with small cell carcinoma in 2012 and battled the illness for a long time before passing away in 2014. It is reported that the Chief Producer devotedly cared for his wife day and night from the onset of her cancer until her final moments.