Expensive and rare goods once owned by South Korean savings banks were put up for a public auction on Monday as part of a liquidation process after they underwent a whirl of bankruptcies two years ago.

The state-run Korea Deposit Insurance Corp. put up some 600 high-value items for auction that were seized from 26 savings banks that became insolvent between 2011-2012, according to the debt clearer.

Such assets include real estate, expensive golf club memberships and foreign luxury cars whose appraised values reach some 800 billion won ($721.3 million), the KDIC said, meaning their real values could total a combined 2 trillion won.

The state-run debt clearer has seized a lot of high-end properties owned by savings banks that underwent massive bankruptcies due to irregular lending practices and faltering asset quality stemming from excessive investment in property project financing.

One of the items up for auction is a Ferrari 612 Scaglietti, whose previous lowest bidding price came to 110 million won with a market price of 200-300 million won, the KDIC said. The car was seized from Domin Savings Bank Co.

The KDIC has sold a few other luxury imported cars owned by Domin Savings Bank last July, including a Lamborghini, a Porsche Carrera S, a Mercedes E350 and a Dodge magnum.

This time, establishments worth more than 10 billion won, such as gyms and neighborhood facilities, were also included in the items up for bid, it added. (Yonhap News)