Korea to sell idle Argentine farm from Park Chung-hee era after nearly 50 years
Members of a feasibility study team look over a map of the Yatamauca farm in Argentina in October 2025. Korea purchased the farm in August 1978 during President Park Chung-hee’s term. Courtesy of Korea International Cooperation Agency
Korea plans to sell a farm in Argentina nearly 50 years after purchasing it during President Park Chung-hee’s rule to support agricultural immigration, following decades of the land sitting idle and requiring costly maintenance.
The plan, outlined by the Korea International Cooperation Agency (KOICA) and approved by the Ministry of Foreign Affairs, was submitted to Rep. Han Jeoung-ae of the ruling Democratic Party of Korea (DPK) and made public on Monday.
Korea purchased the Yatamauca farm in Santiago del Estero, about 1,050 kilometers northwest of Buenos Aires, for $2.12 million in August 1978, toward the end of Park's term. Park served as Korea's president from 1961 until his assassination in 1979.
Spanning 20,882 hectares (208.82 square kilometers), roughly one-third of Seoul’s area or 72 times the size of Yeouido, the farm was purchased to help Korean immigrants settle in Argentina and make a living through farming.
The vision never materialized. Multiple surveys found the land unsuitable for development, while its upkeep has cost taxpayers billions of won.
KOICA, the country’s overseas aid agency under the foreign ministry, took over management upon its establishment in 1991 but has since failed to find a viable use for the farm.
KOICA’s available electronic records show that maintaining the farm cost 4.95 billion won ($3.74 million) from 2001 through 2026, including 1.07 billion won in land taxes and 3.88 billion won in local management and operating expenses.
Development prospects narrowed after tighter provincial environmental regulations placed much of the property under forest protection in 2015.
Provincial authorities effectively closed the door to development when they rejected a proposal submitted in 2024.
KOICA considered using the land for both forest conservation and livestock farming.
However, an assessment found that the plan would require at least $2.94 million in infrastructure spending and take more than 18 years to recover the investment.
Citing policy uncertainty, the lengthy investment recovery period and continuing maintenance expenses, the agency decided to sell the farm to recover public funds.
Meanwhile, KOICA plans to revamp leasing arrangements for its Teno farm in Chile to improve returns.
The 185.33-hectare property, about 173 kilometers south of Santiago, was purchased in December 1980 for approximately $530,000.
Temporary leases since 2017 have drawn criticism over below-market rents.
An appraisal found that leasing a 145.4-hectare section for solar power generation for 25 to 35 years could make the land worth up to 1,480 times as much as leasing it for farming.