Former South Korean President Lee Myung-bak’s property was auctioned off for more than 11.1 billion won

South Korean prosecutors entrusted former President Lee Myung-bak’s private home and land in Seoul’s Gangnam district to an auction by the Korea Asset Management Commune to cover its arrears in fines and recoveries. Mr Lee, 79, had been living in the private home before his arrest.

Mr Lee’s property started at 11.126 billion won and the first auction took place june 28-30.

On October 29, 2020, South Korea’s Supreme Court handed down a final verdict in Lee Myung-bak’s corruption and bribery case, sentencing him to 17 years in prison, a fine of 13 billion won and a recovery of 5.78 billion won