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On Monday, November 25, 2024, Biz Korea reported that popular South Korean rapper Park Jae-sang aka PSY's UN Village luxury villa was seized by authorities. The property was repossessed back in May this year because of unpaid fines. As of 2024, Celebrity Net Worth reported that Park Jae-sang's net worth stands at $60 million.
In 2008, the Gangnam Style rapper purchased a luxurious villa for 2.2 billion KRW (around $1.57 million) without legal permission. The property was in the elite locality of UN Village in Hannam-dong, Seoul. Later, he attached the house to a nearby office building which was bought for 372 million KRW ($2,65,808).
The Yongsan District Office asked the musician to take corrective measures due to the unauthorized extensions, such as alterations to common spaces and new buildings. The authorities also imposed a fee on him, which he failed to pay for an entire year. As a result, the authorities seized the property.
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In October 2024, the rapper paid the fee and penalties, and the seizure of the property was lifted.
Furthermore, the musician also purchased another property for 10 billion KRW (about $7.14 million). Meanwhile, the Psy resided in his UN Village property till 2020 before moving to Park Hannam.
PSY's failure to pay fines and obey restoration orders resulted in his property being confiscated
PSY's UN Village property, which is spread across 274 square meters, was confiscated by the Yongsan District Office in May 2024. The action was reportedly taken because PSY and his spouse neglected to pay fines for noncompliance with restoration orders.
As per Biz Hankook, the couple paid the enforcement fine on October 28, 2024. Subsequently, the seizure of the property was lifted but the house still remains an illegal structure.
On November 25, Maeil Business Newspaper reported that the musician's agency, P Nation, responded to the news and shared his statement. The That That hitmaker said:
"When I moved in in 2007, I had a clean new house from the owner and lived in it for more than 17 years. We have not changed or expanded any use since the sale. Since then, a complaint has been filed and we have come to recognize that there was an illegal extension of the building at the time of the initial construction."
The agency stated that the artist and the Yongsan District Office are currently cooperating to fix the unauthorized extension by hiring construction companies in collaboration with the villa's residents.
In other news, the Gentleman rapper held his Psy's 2024 Summer Swag tour and performed in major cities in South Korea including Daejeon, Gwacheon, Suwon, Incheon, and Busan.
His encore concert was scheduled for July 20, 2024, in Gwancheon. However, after an hour into the concert, the show was stopped due to bad weather. P Nation refunded the tickets and also announced a replacement concert in Gwacheon for August 31, 2024. This was the last show of the Summer Swag tour.
