'Bankruptcy' Hong Rok-gi's Office-tel Listed for Auction...Appraised Value 470 Million KRW

Following financial difficulties in the wedding business, recently declared personal bankruptcy
Appraised value 475 million KRW, near Baekseok Station in Ilsan, Gyeonggi-do
Also embroiled in 'wage arrears controversy'

Recently, an officetel owned by broadcaster Hong Rok-gi, who was declared bankrupt by the court, has been put up for auction.

According to Gigi Auction, a company specializing in auction and public sale data, the auction for the residential officetel owned by Hong Rok-gi, located in Ilsandong-gu, Goyang-si, Gyeonggi Province, will be held on the 26th. The appraised value was estimated at 475 million KRW.

This officetel building consists of large units with a supply area ranging from 153 to 259㎡ (46 to 78 pyeong). The officetel owned by Hong Rok-gi has a supply area of 226.36㎡ (68 pyeong). According to the certified copy of the register, it is presumed that Hong Rok-gi purchased this building, which was completed in 2002. It is within a 10-minute walk from Baekseok Station.

Recently, Hong Rok-gi was declared bankrupt by the Seoul Rehabilitation Court, acknowledging that the cause was excess debt and insolvency. Total assets were reported at about 2.2 billion KRW, while liabilities amounted to about 3 billion KRW. He co-founded and operated a wedding consulting company in 2011 but faced financial difficulties due to COVID-19, ultimately leading to his downfall.

In early last year, it was revealed that he had withheld wages from employees for nearly two years, causing controversy. At the time, he admitted to the wage arrears and explained, "The situation worsened due to COVID-19. I applied for corporate rehabilitation procedures and received a commencement decision." Although the corporate rehabilitation process was completed, he eventually filed for personal bankruptcy in February of last year.