A portion of land in a province was sold at court auction for the lowest price ever. The bidding price for this land was only 5,670 won, which found a new owner at 10,000 won.
According to the auction industry on the 3rd, a 0.091㎡ road within a ranch site in Gwancheonnan-myeon, Chuncheon, was put up for auction at the Chuncheon District Court on the 28th of last month. This item is a shared equity of a 1㎡ piece of land jointly owned by 11 people. It is the smallest area of any auction item in history.
This land came to market as financial institutions put four pieces of a debtor's property, including fields and roads in the area, up for collective auction to recover debts.
The equity appraisal value of this land is 5,670 won. This marks the lowest amount in auction history.
The winning bid was also the lowest ever. One bidder successfully acquired the land for 10,000 won, which is 176.37% of the appraisal value.
According to a law firm, the previous smallest area in auction history was a 0.1㎡ land share in Heuksuk-dong, Dongjak-gu, Seoul, which was auctioned off in April 2020. This item sold for 690,000 won, which is 304.6% of the appraisal value (229,450 won).
The lowest appraisal value was a 1.8㎡ road in Gahak-ri, Wando-gun, Jeollanam-do, which was auctioned in May 2023. The appraisal value for this road was 14,525 won. This item found its owner at 21,000 won, which is 144.58% of the appraisal value during a fifth auction last June.
The lowest winning bid in auction history was a 33㎡ rice field in Songsan-ri, Ugok-myeon, Dangjin-si, Chungcheongnam-do, that was auctioned in March 2002. This item was final sold for 18,100 won, which is 6.09% of the appraisal value (297,000 won) after failing to sell in four previous auctions.