'Sex Trade Controversy' Choi Min-hwan Sells Gangnam House for 3.8 Billion Won, Gains 2.5 Billion Won Profit

Detached House in Yulhyeon-dong Sold for 3.8 Billion KRW
Purchased in 2015 for 1.25 Billion KRW
Estimated Capital Gain of Approximately 2.5 Billion KRW

Group FT Island's Choi Min-hwan recently sold a detached house he purchased nine years ago. Photo by Choi Min-hwan Instagram

Choi Min-hwan of the group FT Island, who has been embroiled in a prostitution controversy following revelations by his ex-wife Yulhee, reportedly sold a house in Gangnam, earning a capital gain of 2.5 billion KRW.

According to the Ministry of Land, Infrastructure and Transport's real transaction price disclosure system, the detached house located in Yulhyeon-dong, Gangnam-gu, Seoul, which Choi Min-hwan had purchased, was traded for 3.8 billion KRW in mid-August. This transaction has not been canceled to date, but it has not yet been recorded in the real estate registry. Choi Min-hwan bought the house in a quiet residential area of Yulhyeon-dong in 2015 for 1.25 billion KRW. After demolishing the somewhat old house, he rebuilt it as a multi-family house with one basement floor and two above-ground floors, where he lived with his family. The newly built house has a total floor area of 408.74㎡ (approximately 123 pyeong) and a land area of 312㎡ (approximately 94 pyeong), which, when calculated, was traded at about 40 million KRW per 3.3㎡ (pyeong).

A house located in Yulhyeon-dong, Gangnam, purchased by Choi Min-hwan of the group FT Island in 2015. KBS2 'The Men Who Do Housework Season 2'

At the time Choi Min-hwan purchased the property, the maximum bond amount was set at 1.05 billion KRW. Considering that the maximum bond amount is usually set at 110-120% of the loan amount, it is estimated that he borrowed about 800 to 900 million KRW from the bank to buy the house. Even taking into account the cost of constructing the new house, it appears he made a considerable capital gain. Choi Min-hwan continued to live in the house after marrying Yulhee in 2018, and it is known that his parents lived on the second floor of the building. Although the couple separated in December last year, Choi Min-hwan continued to live there with his children and parents.

Meanwhile, on the 24th of last month, Choi Min-hwan was embroiled in controversy after his ex-wife Yulhee revealed on her YouTube channel that "Choi Min-hwan frequented entertainment establishments and engaged in prostitution during their marriage, which led to their divorce." At the end of the video, Yulhee also released a phone conversation between Choi Min-hwan and a man identified as Mr. A. In the recording, he tells Mr. A, "They say there are no girls here today," and "Can you book a hotel where I can go now? A motel is fine too," raising suspicions of prostitution. Currently, Choi Min-hwan has suspended group activities, and Yulhee has filed a mediation request with the Seoul Family Court for a change of custody, alimony, and property division claims.