[Photo] Chun Doo-hwan’s residence sold at half of initial appraisal in 6th auction

Ex-president Chun Doo-hwan’s residence in Seoul’s Yeonhui neighborhood

After six auctions, the residence of ex-president Chun Doo-hwan, who is on trial for defamation of the deceased, has been sold at around half the price of its initial appraisal. The house in Seoul’s Yeonhui neighborhood was put on auction to pay of the ex-president’s unpaid fines. However, because Chun and his family have filed an appeal trial, seizure of the residence will likely not happen for some time. According to the Korea Asset Management Corporation (KAMCO), Chun’s home was officially auctioned off on Mar. 20 at a price of around 5.14 billion won (US$4.55 million), around half the original appraisal of 10.23 billion won (US$9.05 million). The Chun has responded by claiming that the house is in the name of his family members and is therefore not his personal property. Chun has currently paid off around half of what he owes in fines to the government, but the statute of limitations ends in 2020.