Former President Chun's vacation home to be sold

By Kim Se-jeong

Former President Chun Doo-hwan’s vacation home, which was confiscated by the prosecution, is will be sold soon to resolve part of Chun’s unpaid fines.

The prosecution said Wednesday that it was in consultation with a private resort development company for the sale of “Herb Village,” in Yeoncheon, Gyeonggi Province. Chun’s first son Jae-kook is the owner of the property.

The prosecution refused to identify the company in negotiation.

More than 67,000 square meters in size, the Herb Village has restaurants, accommodations and a herb greenhouse. An estimated price, according to the prosecution, is 15 billion won ($ 14.7 million), although the prosecutions initially expected to sell it for 25 billion won or more.

The prosecutors said the vacation home will be turned into a commercial vacation resort, and the purchase can be completed within one month.

In April 1997, Chun was convicted of insurrection, murder and attempted murder, among other things. He was sentenced to life imprisonment with the fine of $220 billion won ($216 million). His sentence was commuted by President Kim Young-sam, and he has not made full payment.

Last year, the National Assembly passed the Chun Doo-hwan Act, extending the statute of limitation until 2020 and allowing prosecutors to collect the unpaid fines from his family members.

A team of prosecutors raided several places owned by Chun’s family and found a collection of art pieces in two warehouses owned by Jae-kook. Almost 350 art pieces were confiscated. Eighty pieces of art were put on for sale in December, raising 2.57 billion won.

Earlier this year, the prosecution also investigated Lee Hi-sang, DongA One Group chairman, who is the father-in-law of Chun’s third son Jae-man, for his alleged involvement in stock price manipulation and insider trading. Lee is suspected of hiding his in-law’s assets.