Second Best, Avoiding the Worst Outcome
Inheritance Tax Discussed but No Phone Call Received
Buyer is a Patron, Private Residence to Become a Civil Memorial Hall
"It is not the worst outcome that many people worry about."
Kim Hong-gul, the third son of the late former President Kim Dae-jung and former member of the Democratic Party of Korea, explained on the 8th that the Donggyo-dong residence of the late President Kim, which was sold last month to the CEO of a coffee franchise company, will become a private memorial hall, calling it "a second-best result, not the best." Regarding criticism from the Democratic Party and the New Future Party about the sale decision, he stated, "I have never received a single phone call from the political circles."
On the same day, Kim appeared on CBS Radio's 'Kim Hyun-jung's News Show' in the morning and expressed his position on the sale process of the Donggyo-dong residence.
"Only told to handle it well on my own... never received a single call from the political circles."
According to Kim, the late Lee Hee-ho left a will before her passing stating, "The Seoul Metropolitan Government will turn the residence into a memorial hall. It has been discussed with Mayor Park Won-soon." However, when he inquired with then-Mayor Park Won-soon in 2019 after Lee's passing, he received a reply that he had "never heard of it." Since the will was not legally verified, it ultimately became legally invalid.
Accordingly, as the only biological child among the three brothers, Kim intended to inherit the residence and pay the inheritance tax of about 1.7 billion won over five years, but the National Tax Service placed a mortgage on it, Kim lamented.
When asked if he had discussed the inheritance tax issue with the Democratic Party or senior figures such as Chairman Kwon No-gap of the Kim Dae-jung Foundation, Kim said, "Advisor Kwon No-gap only told me to handle it well on my own." He expressed discomfort, saying, "I have never received a single call from the political circles," and "After the reports, the only person who contacted me was Assemblyman Shin Jeong-hoon, chairman of the National Assembly's Public Administration and Security Committee."
"Applied for cultural heritage designation four years ago but was immediately rejected."
Kim claimed that he made various efforts, including contacting the Seoul Metropolitan Government, to designate the residence as a cultural heritage site but failed. "We applied for cultural heritage designation, but since the residence building was demolished and rebuilt, it did not meet the regulation that it must be over 50 years old," he said, adding, "The Seoul Metropolitan Government also responded that they cannot touch real estate with a mortgage on it."
In response to criticism that "considering the assets held, the sale was hasty," Kim rebutted, "There is a lot of debt," and said, "If I cannot pay the inheritance tax, the residence will go to auction. Even if I pay the inheritance tax and keep the title, it would be meaningless if it becomes a deserted house with no visitors."
"The buyer of the residence is a grateful person... to me, he is like a sponsor."
On the broadcast that day, Kim also expressed gratitude to the CEO of the coffee franchise company who purchased the Donggyo-dong residence. "He has no intention of demolishing the Donggyo-dong house or turning it into a cafe. He said he would renovate the worn parts and preserve the space where the two elders lived," he said. Kim added, "It will become a private memorial hall with free admission," and "To me, he is not a real estate transaction partner but rather a sponsor."
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