[Exclusive] 'Gwaejja Heo Min' Who Bought the Cheongdam-dong Building Where 'My Love from the Star' Was Filmed

The exterior view of the LUKY511 Building and the surrounding garden.

[Asia Economy Reporter Donghyun Choi] Heo Min, founder of Neople, the developer of the online game Dungeon & Fighter, and founder of the social commerce company WeMakePrice (now Wemakeprice), and CEO of Wonder Holdings (46), has been confirmed to have purchased a building valued at around 60 billion KRW located in Cheongdam-dong, Gangnam-gu, Seoul. He previously attracted attention in 2009 when, as a young entrepreneur, he purchased a Gangnam building worth about 90 billion KRW, drawing interest to the background of this recent acquisition.

According to a comprehensive report by Asia Economy on the 30th, Heo completed the ownership transfer on the 4th for the ‘LUKI511 Building,’ which has two basement floors and six above-ground floors, along with the surrounding land. This site is adjacent to the luxury shopping street in Cheongdam-dong and houses the upscale restaurant and wedding hall ‘Luca511.’ The building features a European-style architectural structure, an urban garden, and a rooftop terrace, making it very attractive. It is also famous as a filming location for the drama ‘My Love from the Star.’ Coincidentally, the previous owner of the building was Shin Hye-sun (66), a businessman who exposed the ‘Our Hospital illegal loan scandal’ allegedly involving pro-Moon Jae-in (Chinmun) figures.

Heo purchased the building through an auction at a price of 63 billion KRW, which was below the market price. The land area is 1,529.4㎡, and the building area is 2,917.22㎡. The appraised value of the site was 52.1 billion KRW. The minimum sale price was 33.6 billion KRW, but five bidders including Heo participated, and the winning bid far exceeded the appraised value, reaching 63 billion KRW (120.86% of the appraised value). A representative from real estate agency A in Cheongdam-dong explained, “The surrounding building market price ranges from 100 million KRW to over 200 million KRW per 3.3㎡, so acquiring the building at about 71 million KRW per 3.3㎡ was a stroke of luck,” adding, “The commercial district around the luxury street is the best location, unaffected by the impact of COVID-19.”

The Cheongdam-dong building is a mixed-use property combining commercial and residential purposes. The 5th floor (230㎡), previously used as a hospital, and the 6th floor (232.2㎡), used as a spa facility, can be partially used for residential purposes. Currently, the hospital and spa facilities are confirmed to be vacant. Real estate experts nearby believe it is unlikely that Heo will use the building for residence. A representative from real estate agency B in Cheongdam-dong said, “Using a building in such a prime location for residential purposes would rather decrease its value,” and explained, “Although the housing market is currently declining, commercial real estate is gaining popularity, so it is more likely an investment rather than for residence.” Heo currently resides in Apfelbaum, a luxury apartment complex with 17 households located in Samseong-dong.

Wemakeprice appeared unaware of Heo’s purchase of the Cheongdam-dong building. A Wemakeprice official said, “Heo has long stepped down from frontline management, so the company does not know about this,” and added, “The building is also somewhat distant from Samseong-dong, where Wemakeprice’s offices are concentrated.”

Heo Min, CEO of Wonder Holdings.

Heo, known to possess assets exceeding 1 trillion KRW, is no stranger to real estate investments worth hundreds of billions of KRW. In his early 30s in 2009, he attracted significant attention by purchasing Mirae Asset Tower A and B buildings in Daechi-dong, Gangnam-gu, Seoul, for about 88.5 billion KRW. In 2012, he bought land opposite COEX in Samseong-dong, Gangnam-gu, for 66 billion KRW and built the Wemakeprice headquarters on that site two years later. Heo is known to earn hundreds of billions of KRW annually in rental income from his investment properties.

Heo is also famous for his unique career path in management. He entered Seoul National University’s Department of Applied Chemistry in 1995 and founded Neople in 2001. After achieving great success with the release of Dungeon & Fighter in 2005, Heo sold Neople to NXC, founded by the late Kim Jung-ju, the founder of Nexon, for 385.2 billion KRW in 2008. After becoming wealthy, Heo suddenly left for the United States in 2009 to study composition. After studying at Berklee College of Music, he established the holding company Wonder Holdings in 2009 and founded Wemakeprice in 2010. In 2019, he was recruited as an external advisor to Nexon and participated in game development.

He also had a strong interest in baseball. In 2011, he founded the independent baseball team Goyang Wonders. He learned the knuckleball from Phil Niekro, a pitcher inducted into the Major League Baseball Hall of Fame, and played as a player for a team in the U.S. independent league in 2013. In March 2019, he was appointed as an outside director and chairman of the board of the professional baseball team Kiwoom Heroes, effectively acting as the team owner. However, Heo stepped down from the chairman position in February after about three years amid frequent controversies including allegations of power abuse.