An apartment unit in Yeongdeungpo District, Seoul, that went up for auction was sold for 17.296 billion won. Given that the winning bid reached 10 times the appraised value, some suggest a mistake may have occurred during the auction bidding process.
According to court auction data on the 16th, on the 11th at the Seoul Southern District Court, a unit at Yeongdeungpo Art Xi in Dorim-dong, Yeongdeungpo District, Seoul, was sold at this price in a voluntary real estate auction.
The amount is 9.2 times the appraised value (1.88 billion won), with the price per pyeong converting to about 400 million won. The property failed to sell once, lowering the minimum sale price to 1.504 billion won, 20% below the appraised value.
The real estate industry noted that because misentries in auctions are not uncommon, there may have been an error during bidding. It is possible the bidder intended to write 1.7296 billion won but added an extra "0."
Previously, an apartment in Guro District, Seoul, also sold at auction for 6.67 billion won, 8.8 times its appraised value (about 700 million won), and a 10-pyeong multi-family dwellings in Yangcheon District, Seoul, sold for 1.9517 billion won.
If the successful bidder forfeits the purchase, the bidder cannot recover the bid deposit equal to 10% of the minimum sale price. The bid deposit for the property at the center of the controversy is 150.4 million won.