Park sells Gangnam home for $8.2m

The new house of ousted former South Korean president Park Geun Hye is in Naegokdong, in southern Seoul.
The new house of ousted former South Korean president Park Geun Hye is in Naegokdong, in southern Seoul.PHOTO: EUROPEAN PRESSPHOTO AGENCY

SEOUL • Former president Park Geun Hye has sold her home in downtown Seoul for 6.7 billion won (S$8.2 million) and bought a new one in a quieter neighbourhood, local media reported.

"The old house was too shabby and caused inconvenience to neighbours. (The area) was too crowded, so she decided to move to a quieter neighbourhood," a confidant told Yonhap News Agency.

Her associates are now preparing for a move on Saturday, reported South Korean media.

But Park is now in custody, pending a criminal trial on corruption. A preparatory hearing of her trial is set for May 2.

Park was removed from power on March 10 over a corruption scandal that has rocked the nation. The prosecution indicted her on a total of 18 charges including bribery and abuse of authority.

Park apparently sold her house in Samseongdong to free up money for her legal expenses, reported Hankyoreh website.

According to local media, Mr Hong Seong Yeol, chief executive officer of a local shopping mall Mario outlet who is known to be close to Park's younger brother, is the new owner of her old house.

Park moved back to her two- storey home in Samseongdong after being ousted from power last month. Her neighbours had complained about the noise and ruckus created by her supporters, who staged rallies in the area, demanding a repeal of her impeachment.

Her new house in Naegokdong, where former president Lee Myung Bak also resides, was listed last year for 2.5 billion won, but Park reportedly paid 2.8 billion won.

THE KOREA HERALD/ASIA NEWS NETWORK

A version of this article appeared in the print edition of The Straits Times on April 24, 2017, with the headline 'Park sells Gangnam home for $8.2m'. Print Edition | Subscribe