Why Mario Outlet founder keeps buying houses of former presidents

Mario Outlet President and Chairman Hong Seong-yeol speaks during the firm's 35th anniversary ceremony, held at company headquarters located in Geumcheon District in southwestern Seoul, in this May 2015 file photo. Newsis

Fashion company chairman now owns former homes of three ex-presidents

By Anna J. Park

Mario Outlet President and Chairman Hong Seong-yeol, who's been in the media frequently as an eccentric collector of former presidents' homes, has added yet another new asset ― former President Moon Jae-in's previous house ― to his collection.

According to the country's real estate registry on Friday, the fashion company founder has officially become the new owner of Moon's former residence located in Yangsan City, South Gyeongsang Province, where Moon used to live prior to being elected president in 2017.

Hong purchased the house for 2.61 billion won ($2.07 million) in mid-February, and officially completed the transfer of ownership on the real estate registry earlier this week.

With the new asset added to his collection, the 68-year-old fashion company chief now owns three houses previously owned by three ex-presidents.

Hong's first purchase of a former president's home came in 2017, when he bought former President Park Geun-hye's long-time residence in Samseong-dong, southern Seoul, for 6.7 billion won. She used to live there from 1990 to early 2013, when she moved into the presidential office and residence of Cheong Wa Dae.

Hong made his second purchase of an ex-president's home last year, when he succeeded in bidding for former President Lee Myung-bak's residence in southern Seoul's Nonhyeon-dong at 11.1 billion won. Lee had lived in the house for four decades from 1978 until he was arrested in 2018.

In 2015, Hong also purchased Herb Village, reportedly Korea's largest herb farm, owned by former dictator Chun Doo-hwan's eldest son.

Questions have arisen over Hong's true motivations behind his bizarre collection of properties associated with former presidents. There is widespread speculation, even conspiracy theories; some believe that Hong's purchases have to do with his political allegiances, or that he has personal connections with the former presidents or their families. Some even think that such purchases are a new form of bribing former presidents. But these theories are all pure conjecture.

In previous media interviews, Hong flatly denied any personal connections with former presidents or their family members, and stressed he had purchased the houses as they were up for sale at reasonable prices considering their good locations and value.

In another interview in 2020, he said one of the reasons he had bought the ex-presidents' residences was that he has strong personal attachments to places or things that have special historical or social significance.

While media relations officials from Mario Outlet could not be contacted as of Friday, they had previously told local media outlets that the chairman's purchases are a personal matter, and not related to the company.

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