The land and residence owned by Jeong Dae-seon, former president of HN Inc and husband of former announcer Roh Hyun-jung, have been put up for court auction.
According to auction specialist company Ggi Auction on the 8th, the second auction for the land owned by former president Jeong in Seongbuk-dong, Seoul, will be held on April 8 at the Seoul Northern District Court.
The land spans 604.0㎡ (183 pyeong) and was initially appraised at 6.69 billion KRW. However, after failing to attract bidders in the first auction, the price has been reduced by 20% to 5.35 billion KRW for the second auction.
The auction was initiated by Pyeongtaek Savings Bank, which applied for a compulsory auction. This move is believed to be related to the court receivership of HN Inc, a company previously owned by Jeong.
HN Inc, a mid-sized construction firm known for apartment brands such as "Sun & Ville" and "Heriot," entered corporate rehabilitation in 2023 due to the downturn in the real estate market.
The land in question was inherited by Jeong from his grandfather, the late honorary chairman of Hyundai Group, Chung Ju-young, in 2001.
A building with one basement level and two above-ground floors currently stands on the land. However, the building is registered under Jeong’s older brother, Jeong Il-seon, CEO of Hyundai BNG Steel. As a result, only the land is being auctioned, raising concerns over potential legal disputes for bidders, which may hinder a successful sale.
Additionally, the luxury villa where Jeong and his wife currently reside is also undergoing a compulsory auction process. This townhouse-style residence, spanning 228㎡ (69 pyeong), was initially appraised at 2.69 billion KRW. However, after failing to sell in the first auction, it will be re-auctioned on April 8 with a reduced bid price of 2.15 billion KRW.
A Ggi Auction representative stated, “Both the land and the residence come with legal complications, which may make potential bidders cautious,” adding that “the outcome of the auctions remains to be seen.”
https://www.sankyungtoday.com/news/articleView.html?idxno=51275
Hyundai Family’s Jeong Dae-seon’s Seongbuk-dong Land and House Up for Auction…Rebidding in April
The land and residence owned by Jeong Dae-seon, former president of HN Inc and husband of former announcer Roh Hyun-jung, have been put up for court auction.Ac
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