Ok Joo-hyun [Yonhap]
Ok Joo-hyun [Yonhap]

A Hannam the Hill penthouse purchased by musical actor Ok Joo-hyun for 19 billion won ($14 million) has been seized by the local district office, following a court-ordered auction already underway.

Seoul's Yongsan-gu district office tax management division seized the apartment registered in Ok's name on Friday, according to Biz Korea. The specific reason for the seizure has not been disclosed.

Ok purchased the apartment last year for 19 billion won and completed the ownership transfer registration in April. Just seven months later, on Oct. 14, the Seoul Western District Court ordered a voluntary auction in connection with an unresolved mortgage repayment issue.

The developments have also drawn attention to a commercial building Ok owns in Sinsa-dong, Gangnam-gu. Online analysis had suggested that Ok took out large loans to finance both the Sinsa-dong building and the Hannam the Hill purchase, and that delays in selling the building may have created cash flow difficulties.

Ok reportedly purchased land in Sinsa-dong, Gangnam-gu in 2022 for about 20 billion won and constructed a neighborhood commercial building on the site. Analysis indicates that a substantial loan was taken out during the land purchase, and that additional financing was secured through mortgage loans and refinancing even after the building was completed.

Ok had reportedly planned to sell the Sinsa-dong building to fund the Hannam the Hill purchase, but a slump in the commercial real estate market disrupted the sale and caused the cash flow problems.

Ok's representatives described the auction as "a debt settlement process following the completion of a merger and acquisition between a corporation and an investment firm," adding that Ok and the investment firm are currently working through the specific repayment and debt resolution procedures, and that the investment firm plans to repay the full amount of the related loans in accordance with the business plan.


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