Samsung family sells late chairman Lee Kun-hee’s Itaewon hilltop residence for $16.5 million
Residence once owned by the late Samsung Chairman Lee Kun-hee in Itaewon, Seoul / Yonhap
A high-end residence in Itaewon, central Seoul, once owned by the late Samsung Chairman Lee Kun-hee, has been sold for 22.8 billion won ($16.5 million), according to government real estate data. The house, jointly inherited by members of the Samsung family, saw a value increase of more than 14.5 billion won since Lee purchased it 15 years ago.
According to records released by the Ministry of Land, Infrastructure and Transport and property registries on Tuesday, the sales contract was signed on June 13. The buyer has not been identified, as ownership has not yet been officially transferred.
Located on a hillside in Itaewon, Yongsan District, the property covers a land area of 1,073 square meters with a total floor area of 496 square meters.
The late chairman purchased the house in 2010 for approximately 8.2 billion won from Saehan Media, a company once operated by his older brother, Lee Chang-hee. After Lee Kun-hee died in 2020, the house was inherited by his widow, Hong Ra-hee, honorary director of the Leeum Museum of Art, and their three children: Samsung Electronics Chairman Lee Jae-yong, Hotel Shilla President Lee Boo-jin and Samsung C&T President Lee Seo-hyun.
The Samsung family is currently paying around 12 trillion won in inheritance tax in installments over six years. The sale of the house is believed to be part of efforts to raise funds for the tax bill. In 2023, the family sold another detached house in Itaewon.
This article from the Hankook Ilbo, the sister publication of The Korea Times, is translated by a generative AI system and edited by The Korea Times.