[Exclusive] Choi Minhwan, amid personal life controversies and temporary withdrawal from the idol band FT Island, has recently sold a house for 3.8 billion won, gaining approximately 2.5 billion won in market profit, as confirmed on the 14th. He initially purchased the property about 10 years ago for 1.2 billion won, resulting in a calculated market profit of around 2 billion won.
According to the Ministry of Land, Infrastructure and Transport’s real transaction price disclosure system, a detached house located in Yulhyeon-dong, Gangnam-gu, was sold in mid-August for 3.8 billion won. While the transaction has not been canceled to date, it has yet to be recorded in the real estate registry.
The house was bought by Choi Minhwan in 2015 for 1.25 billion won as sole ownership. Yulhyeon-dong is located south of Jagok-dong and east of Segok-dong within Gangnam-gu. Choi Minhwan’s property is situated in a quiet residential area of Yulhyeon-dong. He reportedly demolished the old house and built a new multi-family residence with a basement and two above-ground stories, where his family resided. The newly constructed property has a total floor area of 408.74㎡ (approximately 123.64 pyeong) and a land area of 312㎡ (approximately 94.38 pyeong). It was sold for about 40 million won per 3.3㎡ (pyeong).
At the time of purchase, the maximum bond amount was set at 1.05 billion won. Typically, the maximum bond amount is set at 110-120% of the loan amount, suggesting Choi borrowed around 800-900 million won from a bank to buy the house. Even considering the expense of constructing the new house, he achieved significant market profit.
Meanwhile, Choi Minhwan continued living in the house after marrying former Laboum member Yulhee in 2018. His parents resided on the second floor. It is reported that he lived there with his children and parents even after divorcing Yulhee in December 2023.