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Photo = Yonhap news |
[Alpha Biz= Kim Jisun] Seoul, South Korea — July 8, 2025 — A luxury residence in Seoul’s Itaewon neighborhood, previously owned by the late Samsung Group Chairman Lee Kun-hee, has been sold for KRW 22.8 billion (approx. USD 16.5 million), according to public records. The property was originally purchased by Lee in 2010 for KRW 8.3 billion, marking an increase of approximately KRW 14.5 billion (175%) over 15 years.
The transaction, finalized on June 13, involved the sale of the house by Lee’s surviving family members—Hong Ra-hee (Honorary Director of the Leeum Museum of Art), Samsung Electronics Chairman Lee Jae-yong, Hotel Shilla CEO Lee Boo-jin, and Samsung C&T Fashion Division President Lee Seo-hyun. The buyer is reported to be a private entrepreneur.
Located near a hillside in Itaewon, the property is part of what is colloquially known as the “Samsung Family Town,” situated close to both Chairman Lee Jae-yong’s residence and the Leeum Museum. The site spans 1,073.09 square meters (approx. 325 pyeong), with a total floor area of 496.92 square meters (approx. 150 pyeong), and includes a three-story detached home (basement to 2nd floor).
Lee Kun-hee purchased the property in September 2010 from Saehan Media, a company founded by his elder brother Lee Chang-hee, the second son of Samsung’s founding chairman, Lee Byung-chul.
The property was inherited by Lee's family in May 2021 following his passing in October 2020. Under the inheritance structure, Hong Ra-hee owned three-ninths of the property, while the three children each held two-ninths.
Industry watchers view the sale as part of ongoing efforts by the Samsung family to secure funds for paying inheritance taxes on Lee Kun-hee’s estate, which is estimated at over KRW 26 trillion (approx. USD 19 billion). The family reportedly faces inheritance tax liabilities exceeding KRW 12 trillion (approx. USD 8.7 billion), and is expected to make installment payments over several years.
알파경제 Kim Jisun (stockmk2020@alphabiz.co.kr)
