"national MC" Yoo Jae-suk is building a seven-story building in total, taking out a 7.7 billion won loan using 20 billion won worth of Gangnam land as collateral.
On the 13th, according to a media outlet and the real estate industry, Yoo Jae-suk is constructing a building under his name in Nonhyeon-dong that has three basement levels and four aboveground floors. The site area is 573.7㎡ (173 pyeong) and the total floor area is 1,653.55㎡ (500 pyeong), and it is being newly built on two parcels of land in Nonhyeon-dong, Gangnam-gu, Seoul, that he purchased two years ago. For construction cost financing, he reportedly received about 7.7 billion won in loans using the land as collateral.
In November 2023 Yoo Jae-suk already completed real estate business registration under the name J S607 (JS607), began the first construction in May last year, and it is scheduled to be completed in February next year. The building was registered as a neighborhood living facility, and some have speculated that it might be used as a company headquarters or for rental business.
The site of the new building is located directly across from the office of Antenna, the agency Yoo Jae-suk belongs to, and is said to be an area with high office demand, including production company Eggiscoming run by producer Na Young-seok, entertainment companies, Korea National University of Arts, and startups.
Yoo Jae-suk, known for keeping his distance from real estate investment and only investing in stocks, attracted great attention in June 2023 when he purchased land with site areas of 298.5㎡ (90.3 pyeong) and 275.2㎡ (83.2 pyeong) for 11.6 billion won and 8.2 billion won, respectively. At the time it drew attention that he bought them entirely with cash without setting up mortgage liens. The land he bought for 8.2 billion won had a more than 20-year-old four-story multi-family house, but Yoo Jae-suk evicted all tenants and combined the two parcels to build a new building.
Currently reported real estate owned by Yoo Jae-suk includes land purchased entirely with cash worth in the 20-billion-won range, the Nonhyeon-dong "Brighton N40" penthouse bought with cash for 8.7 billion won, and one Apgujeong Hyundai Apartment 2nd unit with an exclusive area of 196㎡ (over 7 billion won), among others. Even adding only these surpasses 36 billion won by a wide margin. In this situation, Yoo Jae-suk has become a major player in Gangnam real estate by building a seven-story new building on land he owns.
Meanwhile, as news of Yoo Jae-suk's real estate purchases worth hundreds of billions of won was made public recently, the behind-the-scenes of a high-intensity tax audit was also revealed.
Last month, the YouTube channel "Tax-saving TV" uploaded a video titled "Yoo Jae-suk, untouched by a tax audit, shocking way of paying taxes." In the video, tax accountant Yoon Na-gyeom said, "Even when Yoo Jae-suk was audited, not a speck of dust came out. Despite being a top star, he was perfectly clean," and added, "This was thanks to a surprising choice."
According to tax accountant Yoon, entertainers generally organize income and expenditure through book-record filing and seek tax savings through expense processing. But unlike that, Yoo Jae-suk chose the standard expense ratio filing (estimated filing) that reflects only the rates set by the state. He said, "Book filing can reduce taxes but is complicated and hard to manage. In contrast, estimated filing is simple but you have to pay more tax," and added, "Yoo Jae-suk chose the latter. It is a rare method among entertainers."
Using an actual example for comparison, tax accountant Yoon said, "Assuming you earned 10 billion won, with book filing you would pay about 2.7 billion won in taxes, but the estimated filing Yoo Jae-suk chose would require payment of 4.1 billion won. That's 1.4 billion won more," and emphasized, "It is not because he has a lot of money but likely because of a sense of responsibility to maintain trust as the national MC."
Tax accountant Yoon also said about why Yoo Jae-suk chose the standard expense ratio method, "It is a will to prevent tax controversies at the source and to maintain public trust. There is also the advantage of being able to concentrate only on broadcasting activities without the stress of collecting supporting documents," and added, "Because Yoo Jae-suk gave up expense processing itself, there was nothing to investigate. From the tax office's perspective, they even had to issue refunds. He even paid the non-bookkeeping additional tax, so there was nothing left to go through."
[Photo] OSEN DB
[OSEN]