2021 Fine and Forfeiture Unpaid, Prosecutors Seize
IOK Company Sold for 3.86 Billion Won, Currently 4.5 Billion Won
The former residence of ex-President Park Geun-hye, located in Naegok-dong, Seocho-gu, Seoul, has been put back on the market two years after finding a new owner.
According to the real estate industry on the 1st, the current owner of the residence, IOK Company, listed the Naegok-dong residence for 4.5 billion won at the end of last year. Ex-President Park purchased the Naegok-dong residence through a proxy in April 2017, shortly after her impeachment. However, since she was detained at the time of purchase, she never actually lived there.
The total area is 571㎡, with a land area of 406㎡, and the building consists of a basement and two above-ground floors. It is adjacent to the foothills of Guryongsan Mountain and has easy access to Naegok IC and Heolleung IC. About 1.2 km southwest is Cheonggyesan Entrance Station on the Shinbundang Line subway.
This property was seized by prosecutors in March 2021 due to unpaid fines and confiscations imposed on ex-President Park. The fines and confiscations related to the 'state affairs manipulation' case amounted to 21.5 billion won. In August of the same year, the Naegok-dong residence was put up for public auction, and IOK Company, an affiliate of Ssangbangwool Group, won the final bid at 3.864 billion won. The winning bid was 698.46 million won higher than the appraised minimum bid price of 3.16554 billion won, exceeding the surrounding market price.
At that time, an outside director of IOK Company was the president of President Yoon Seok-youl’s fan club. The company’s stock price surged as it was included as a 'Yoon Seok-youl theme stock' ahead of the presidential election. In effect, the company classified as a presidential election theme stock for former Prosecutor General Yoon Seok-youl, who played a role in Park’s detention, purchased the ex-president’s auctioned residence.
Since then, the house has been used not for residence but as a film shooting set and other purposes.
IOK Company was founded in 2000 by actress Go Hyun-jung and her brother Byung-chul and was listed on KOSDAQ in 2006. In 2020, Ssangbangwool became the largest shareholder and acquired the company. Currently, actors Go Hyun-jung and Jo In-sung are affiliated with the company.
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