Lee Soo-man, the head of SM Entertainment, owns the most valuable real estate among big names in the entertainment industry, market research suggested Sunday.
A building owned by Lee in southern Seoul is estimated to be worth 19.08 billion won ($17.8 million), according to Chaebul.com, an online information provider on large businesses and the wealthy. Combined with another building he owns, Lee’s real estate holdings are estimated at more than 50 billion won ($46.6 million) in market value.
Chaebul.com appraised 42 buildings owned by 36 top-earning celebrities to find the market value. The construction cost, building’s age and location were taken into account to determine the value of the real estate holdings, but it is known to be only used in setting tax rates. The actual market value is believed to be tripled.
Seven people were found to own a building officially valued at 10 billion won or more.
Singer Seo Tai-ji ranked second with two buildings worth 16.04 billion won, followed by Yang Hyun-suk, the head of YG Entertainment, whose real estate was estimated at 15.35 billion won in total.
World star Rain and actor Kwon Sang-woo came in third and fourth with their buildings valued at 12.1 billion won and 11.4 billion won, respectively.
The growing number of celebrities enjoying high incomes on the back of the Korean cultural wave abroad spurred a real estate boom among stars seeking a stable income source. Most of the owners lease out the buildings.
Notably, 73.8 percent, or 31 buildings are located in southern Seoul, an affluent part of the nation’s capital.
By Ock Hyun-ju, Intern reporter (firstname.lastname@example.org)