Karl Lagerfeld's Paris Apartment Sold at Auction for 14.5 Billion KRW... Twice the Starting Price

Designer Who Led Chanel's Heyday, Karl Lagerfeld
Starting Price for Lagerfeld Apartment Auction Approximately 7.7 Billion KRW

The Paris apartment of the late Karl Lagerfeld, known as a "fashion industry maestro," was sold at auction for 10 million euros (approximately 14.554 billion KRW).

On the 26th (local time), the daily newspaper Le Parisien reported that the starting bid for the apartment where Lagerfeld lived during his lifetime was 5.3 million euros (approximately 7.7 billion KRW), which was already higher than the usual real estate market price in Paris. The auctioned apartment is a 260㎡ (about 78 pyeong) unit located in the 7th arrondissement of Paris, where Lagerfeld lived before his death. It offers a panoramic view of the Seine River and the Louvre Museum. The 7th arrondissement is known as one of the most affluent neighborhoods in central Paris.

Karl Lagerfeld during his lifetime. [Image source=Yonhap News]

Born in 1933 in Hamburg, Germany, Lagerfeld moved to France at the age of 14 and pursued a career as a designer. He oversaw the designs for brands such as Chanel, Chlo?, Fendi, and his own label, Karl Lagerfeld. Particularly, after joining Chanel in 1983, Lagerfeld is credited with bringing a modern sensibility to the traditionally conservative Paris fashion scene and leading Chanel into its heyday.

Meanwhile, he passed away in February 2019 at the age of 85. Although the exact cause of death was not disclosed, it is known that he had been diagnosed with pancreatic cancer during his lifetime.