South Korean President Lee Jae-myung sells house: 28 years ago, he and his spouse bought it for 1.73 million yuan, now listed at 13.88 million yuan!

According to Xinhua News Agency, the Blue House, South Korea’s presidential office, stated on the 27th that President Lee Jae-myung has decided to sell his primary residence at below-market price to demonstrate his commitment to stabilizing the country’s real estate market.

According to Yonhap News Agency, this private residence is located in Seongnam City, Gyeonggi Province, south of Seoul, covering an area of 164 square meters. It is owned jointly by Lee Jae-myung and his wife, Kim Hye-gyeong. The couple purchased the property in 1998 for 360 million Korean won (approximately 1.73 million RMB), and they lived there until moving into the presidential residence in Hannam-dong, central Seoul.

An unnamed official from the Blue House said that the house is currently rented out, and the lease is still valid.

The South Korean presidential office stated in a release that the property was listed for sale earlier on the 27th. The asking price was reported to be 2.9 billion Korean won (13.88 million RMB), while similar apartments are currently selling for between 3.1 billion and 3.2 billion Korean won (14.84 million to 15.32 million RMB).

Blue House spokesperson Kang Yoo-jin said that Lee Jae-myung owns only one residence for personal use, and his decision to sell this property “aims to demonstrate his firm intention to normalize the real estate market.”

To promote healthy development of South Korea’s real estate market, the government plans to impose high taxes on multiple property holdings starting in May this year. Recently, Lee Jae-myung urged such owners to sell their properties quickly. He also stated that the government will reduce incentives that encourage investment in housing.

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The Rise of a Poor Child

According to CCTV News, Lee Jae-myung was born in 1964 in An-dong, North Gyeongsang Province, into a poor family. He was the fifth of seven children. His father was addicted to gambling, and the family relied on his mother’s help with chores and trash picking, often going hungry.

Lee Jae-myung’s childhood home in Seongnam City (Korea JoongAng Daily)

“I grew up in poverty and didn’t even finish middle school,” Lee Jae-myung wrote in his memoir. This experience shaped his understanding of the struggles of the lower class and planted the seeds for social change.

After graduating elementary school, Lee Jae-myung dropped out due to poverty. To make a living, his family moved to Seongnam City, where he worked in factories. During this time, he suffered a mechanical accident, severely injuring his left arm, which left him with a lifelong disability and exempted him from military service.

His father once scolded him for studying, even tearing up his textbooks. Lee Jae-myung was so despairing that he attempted suicide twice.

At 18, Lee Jae-myung worked during the day and studied at night, earning his middle and high school diplomas, and later was admitted to Korea Central University Law School.

Lee Jae-myung during his factory work days (first row, right) (Korea JoongAng Daily)

At 22, he graduated from Korea Central University with a scholarship.

In 1986, Lee Jae-myung passed the judicial exam and began his career as a human rights lawyer.

He provided legal aid to workers and the poor for a long time. Realizing that “litigation alone cannot change the system,” he decided to enter politics.

Lee Jae-myung with his parents at his university graduation ceremony (Korea JoongAng Daily)

His path to the presidency has been full of setbacks and perseverance.

In 2017, Lee Jae-myung first ran in the party’s presidential primary. Although he lost to Moon Jae-in, he established himself as a national political figure. That same year, he and his wife appeared on a popular Korean variety show, transforming his image from sharp and stern to more approachable and friendly.

Photos of Lee Jae-myung with his wife Kim Hye-gyeong (Korea JoongAng Daily)

In 2021, he again became the Democratic Party’s presidential candidate but narrowly lost the 2022 election to Yoon Suk-yeol by less than 1%, setting a record for the smallest margin in South Korea’s electoral history.

In April 2025, Yoon Suk-yeol was impeached and removed by the National Assembly, causing a major upheaval in Korean politics. Lee Jae-myung resigned as party leader and won the party primary with an overwhelming 89.77% of the vote, launching his third bid for the presidency.

On June 4, 2025, Lee Jae-myung was elected President of South Korea.

(Source: Daily Economic News)