The land and luxury villa owned by Chung Dae-sun, the third generation of the Hyundai family and former president of HN Inc., have gone up for auction at the court in Seongbuk-dong, Seoul.
According to auction data company Gigi Auction on the 8th, an auction for the land owned by former President Chung is scheduled to take place at the Seoul Northern District Court on April 8. The land, located in the midst of luxury dwellings in Seongbuk-dong, has an area of 604.0㎡ (approximately 183 pyeong), with a valuation of 6.69 billion won.
This auction is proceeding as a result of a forced auction application by Pyeongtaek Savings Bank. A forced auction occurs after a creditor obtains a court ruling confirming the existence of debt through litigation and subsequently applies for an auction of the debtor's property.
The land owned by former President Chung had previously been auctioned on the 27th of last month at its appraisal value but failed to find a new owner and was not sold. Having been unsuccessful in the first auction, the second auction is set to occur on April 2 at 5.35 billion won, which is 80% of the appraisal value.
The land originally belonged to the late Chung Ju-yung, the honorary chairman of the Hyundai Group, and was inherited by former President Chung in 2001. The site contains a building with two floors above ground and one basement level, but the building is owned by Jung Il-sun, former President Chung's brother, so only the land auction will proceed.
Additionally, a luxury villa in Seongbuk-dong where former President Chung and former KBS announcer Noh Hyun-jung are residing is also undergoing auction due to an application from Pyeongtaek Savings Bank. This house, part of a townhouse-style luxury villa complex, has a building area of 228㎡ (approximately 69 pyeong). The appraisal value is 2.69 billion won. Similar to the land owned by former President Chung, it was not sold in the first auction last month and will be re-auctioned next month at 2.15 billion won.
The auctioning of former President Chung's land and dwellings appears to be a measure related to HN Inc.'s court management. HN Inc. is a mid-sized construction company that owns apartment brands such as Sun & Bill and Harriet. After suffering financial difficulties due to the real estate market recession, the company applied for corporate rehabilitation in 2023. Former President Chung was a major shareholder, holding 81% of the company's equity.
Former President Chung, the grandson of the honorary chairman and the third son among the four sons of the former chairman Chung Mong-woo, was born between the chairman and the advisor of the Ihaengja Bontae Museum. He gained public attention when he married former announcer Noh, who was popular as a host of KBS's entertainment program 'Sangsang Plus,' in 2006.