Musical actress Ok Joo-hyun, known for her work with the girl group Fin.K.L, has had her Hannam The Hill apartment in Yongsan, Seoul, which she purchased for 19 billion won, enter voluntary auction proceedings following a seizure by the local district office.
According to the real estate industry, on November 6, the Tax Management Division of the Yongsan District Office seized the apartment registered under Ok Joo-hyun's name. Property seizures by local governments typically occur due to unpaid local taxes, but the specific reasons for this seizure have not yet been disclosed.
Ok Joo-hyun signed a contract to purchase the apartment for 19 billion won last year and completed the ownership transfer registration in April of this year. However, due to issues with repaying a secured loan, she received a decision to initiate voluntary auction proceedings from the Seoul Western District Court on October 14.
In response to the news of the auction, Ok Joo-hyun's representatives stated that it was part of a debt restructuring process related to a merger and acquisition (M&A) between a corporation and an investment firm, adding that they plan to repay the full amount of the loan according to their business plan with the investment firm.
Additionally, there are concerns that Ok Joo-hyun utilized significant loans during the acquisition of a building in Sinsa-dong, Gangnam, which she purchased for approximately 20 billion won in 2022 and subsequently developed. Experts suggest that she relied on substantial borrowing during the land acquisition process and continued to secure funds through mortgage loans and refinancing after the building's completion.
Speculation has arisen that she intended to sell the Sinsa-dong building to finance the purchase of Hannam The Hill. The current financial relationship between the Sinsa-dong property and Hannam The Hill, as well as the scale of her debts, remains unconfirmed.
Ok Joo-hyun debuted in 1997 with the group Fin.K.L and later transitioned to musical theater, performing in productions such as 'Aida,' 'Cats,' 'Chicago,' 'The Count of Monte Cristo,' and 'Rebecca.'
* This article has been translated by AI.
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