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Photo courtesy of Yonhap News |
[Alpha Biz= Paul Lee] SEOUL, Sept. 17 — The Itaewon-dong residence once owned by the late Samsung Chairman Lee Kun-hee has been sold to a young businesswoman for KRW 22.8 billion (approx. USD 16.6 million), according to official real estate transaction records.
Documents from the Ministry of Land, Infrastructure and Transport and court registries show that Kang Na-yeon, Chairwoman of Taehwa Holdings, along with her 11-year-old child, finalized the purchase of the property on September 12. Kang holds an 85% ownership stake, while her child holds 15%. The contract was signed in June, with final payment made three months later.
Built in 1976, the property sits on a 1,073.1-square-meter plot, with a total floor area of 496.9 square meters across one basement level and two above-ground floors.
Chairman Lee originally acquired the property in 2010 for KRW 8.28 billion from Saehan Media, a company once run by his elder brother, the late Lee Chang-hee. Following Lee Kun-hee’s passing in October 2020, the property was inherited jointly in May 2021 by his wife, Hong Ra-hee, honorary director of the Leeum Museum of Art, and their three children: Lee Jae-yong, Chairman of Samsung Electronics; Lee Boo-jin, CEO of Hotel Shilla; and Lee Seo-hyun, President of Samsung C&T’s fashion division.
Industry observers believe the Samsung family sold the property to help fund the massive inheritance tax payments stemming from Lee’s estate. The family inherited assets worth approximately KRW 26 trillion, with inheritance taxes estimated at KRW 12 trillion, to be paid in installments over six years.
The buyer, Chairwoman Kang, founded Taehwa Holdings in 2013. Based in Seoul’s Jongno district, the company specializes in importing and distributing energy and steel raw materials.
알파경제 Paul Lee 특파원(hoondork1977@alphabiz.co.kr)
