Hannam The Hill, where Park Hyo-shin registered residence, '7.9 Billion Won' Forced Auction Stay Granted

Claim Amount: 568.94 Million Won

Singer Park Hyo-shin's apartment in Hannam The Hill, Hannam-dong, Yongsan-gu, Seoul, where he registered his residence in 2021, was put up for auction at 7.9 billion KRW but the auction process was recently confirmed to have been suspended.

Singer Park Hyo-shin. [Image source=Park Hyo-shin's SNS capture]

According to Gigi Auction, a company specializing in auction and public sale data, a forced auction (case number 2022Takyeong52132) for a 240㎡ (72.7 pyeong) unit in Hannam The Hill, Hannam-dong, Yongsan-gu, Seoul, was scheduled to be held on the 23rd at the Seoul Western District Court. The appraised value is 7.89 billion KRW. In March last year, another unit of the same size in a different building of Hannam The Hill was traded for 11 billion KRW. According to industry sources, the court issued a 'stay of execution' order before the auction proceeded.

A forced auction is when the court seizes the debtor's real estate and puts it up for auction. It is initiated when the debtor fails to repay loans or other debts by the due date.

According to the resident registration certificate, Park Hyo-shin moved into this apartment, and the ownership of the apartment is held by Park's former agency, Glove Entertainment, suggesting that Park was living in an apartment owned by his agency.

This auction was initiated by one of the creditors, Baion Co., Ltd., who obtained a payment order from the court and applied for the auction in April 2022. Baion's claim amount is 568.94 million KRW. Given the stay of execution order, it appears that Glove Entertainment has expressed an intention to repay the debt or plans to engage in litigation over the debt. In the latter case, the stay of execution application may have been filed to prevent the auction from proceeding during the legal dispute.

Park Hyo-shin [Photo by Glove Entertainment]

Park signed an exclusive contract with Glove Entertainment, a newly established agency at the time, in 2016, but after experiencing conflicts including lawsuits against the agency, he established his own agency in 2022.