[비즈한국] It has been confirmed that Mario Outlet Chairman Hong Sung-yeol has sold his stake in former President Lee Myung-bak's private residence in Nonhyeon-dong. The buyer stated that the purchase was made with development in mind. Given that the former president's residence is located in a prime area of Gangnam-gu, Seoul, and served as the home of a former head of state, it is expected to benefit from a premium effect following any potential development.
Chairman Hong Sung-yeol acquired a 50% stake in former President Lee Myung-bak's Nonhyeon-dong residence in 2021. The residence had been put up for public auction to recover the former president's unpaid fines and forfeiture, which led to Hong's purchase. As a result, the Nonhyeon-dong property was co-owned with a 50% stake held by Hong and the remaining 50% held by the former president's wife, Kim Yoon-ok.
According to the real estate register, Chairman Hong Sung-yeol sold his entire stake in the Nonhyeon-dong residence to a real estate firm, Company R, this past April. Various speculations are circulating within the real estate industry regarding Hong's decision to sell. Some suggest that as a multi-homeowner, Hong may have faced tax burdens. Bizhankook inquired with Mario Outlet regarding this matter but did not receive a response.
Chairman Hong Sung-yeol is known for his interest in purchasing the residences of former presidents. In addition to the Nonhyeon-dong property, Hong also owns former President Park Geun-hye's Samseong-dong residence and former President Moon Jae-in's Maegok-dong residence in Yangsan. It has been confirmed that Hong still holds ownership of both the Samseong-dong and Maegok-dong properties.
Company R stated that it purchased the Nonhyeon-dong residence with future development in mind. A representative for Company R remarked, "We believe it is worth developing due to its prime location." However, there are no immediate development plans in place. It is difficult for Company R to proceed with development unilaterally while Kim Yoon-ok continues to hold the remaining 50% stake. The family of former President Lee Myung-bak currently still resides in the house.
The Nonhyeon-dong residence was once used as a guest house by the Hyundai Group. Former President Lee Myung-bak purchased the Nonhyeon-dong home in 1978 and lived there until he was elected Mayor of Seoul in 2002. During his tenure as mayor, he lived at the official mayoral residence in Hyehwa-dong, and after stepping down in 2006, he lived in Gahoe-dong. He stayed at the Blue House during his presidency and returned to the Nonhyeon-dong residence after leaving office, where he has resided ever since.