Fin.K.L's Ock Joo-hyun faces foreclosure auction on $13.3 mil. Hannam-dong home
Ock Joo-hyun / Captured from Ock's social media
Ock Joo-hyun, a member of K-pop girl group Fin.K.L and a prominent musical theater actress, has addressed a court decision to begin a foreclosure auction of her luxury home in Seoul's Hannam-dong, which she purchased for 19 billion won ($13.3 million).
Gemstone E&M, which represents Ock, said Thursday that the auction proceedings are part of a broader process involving business restructuring and debt settlement.
"Ock Joo-hyun had developed concrete business plans and begun preparations centered around an existing corporate building in Sinsa-dong as she sought to launch new ventures in various fields, including performances, performance production and education," the company said. "During that process, she secured a large-scale investment from a business investment company."
The company said Ock purchased the Hannam-dong property in April as the businesses and investment arrangements moved forward.
"Following the recent completion of a merger and acquisition deal between Ock Joo-hyun's company and the investment firm, procedures are underway to settle existing matters, including debt related to the property," it said.
Ock's representatives said the foreclosure auction is connected to that process.
"The issue involving the auction of the Hannam-dong property is also tied to the process of pursuing the business and settling debts," the company said. "Specific procedures for repayment and debt settlement are currently underway with the investment firm, and under the business plan, the investment firm is expected to repay the related loans in full."
Earlier Thursday, it was reported that the Seoul Western District Court on Oct. 14 ordered the start of a foreclosure auction for the luxury residence owned by Ock in Hannam-dong, Yongsan District, central Seoul.
The creditor that requested the auction is Korea Financial Asset Management Loan, with a claim of approximately 2.17 billion won.
Four mortgages have reportedly been registered against the property, with their combined maximum secured claims totaling 23.7 billion won.
Ock signed a contract to purchase the home in May last year and completed the ownership transfer registration in April this year. The 19 billion won purchase drew attention at the time as it was reportedly the first home Ock had purchased in her life.
This article from the Hankook Ilbo, the sister publication of The Korea Times, was translated by a generative AI system and edited by The Korea Times.