Kyuhyun Sells Seoul Guesthouse Previously Celebrated as Real Estate Success
Kyuhyun from Super Junior Lists Guesthouse for Sale
In recent news, Kyuhyun, the well-known member of Super Junior, has placed his former guesthouse property on the market. According to a report from Hankyung.com on May 26, the building, located in the bustling Namsan-dong area of Seoul, is up for grabs at a price of 9.5 billion KRW, which is around 7 million USD. If you factor in the additional lot adjacent to the building, the combined asking price jumps to approximately 11.8 billion KRW (about 8.7 million USD).
Kyuhyun acquired these properties back in June 2014, making a significant investment. Positioned conveniently near Exit 2 of Myeongdong Station, the primary building covers an impressive area of 1,714㎡ across six floors, plus a basement. This was purchased for 7.3 billion KRW. The secondary structure, a two-story building measuring 70㎡, was bought for 2.3 billion KRW, leading to a total investment that rounded off to 9.6 billion KRW. Interestingly, records from the real estate registry indicated a secured debt reaching 6 billion KRW, hinting that about 5 billion KRW of the financing may have involved loans.
Previously, the building was home to various businesses, including a photo studio. However, it underwent a transformation into a guesthouse and cafe, managed predominantly by Kyuhyun’s family, particularly his father. Reflecting on his motivation during an appearance on the show MBC’s ‘Radio Star‘, Kyuhyun shared, >“It was during the ‘10 million tourists’ era in Korea. Myeongdong had so many tourists, so we opened a guesthouse. My parents and sister managed it, and it had about 60 rooms.”
TRENDINGAt one point, this property was generating impressive revenue, with reports stating it earned around 17 million KRW (roughly $12,500) over a bustling three-day weekend, a feat that drew attention to Kyuhyun’s astute real estate decisions. However, the impact of the COVID-19 pandemic led to a sharp drop in tourist activity as well as a shift in travel trends, prompting the decision to put the property on the market.
Now, as the tourism landscape continues to evolve, Kyuhyun’s guesthouse stands as a reminder of a different era, with the potential for new owners to breathe life into this prime piece of real estate.