Singer Park Hyo-shin's rented luxury villa in Hannam-dong, Yongsan-gu, Seoul, has come up for auction again.
According to Maeil Business Newspaper on the 11th, the Seoul Central District Court accepted an auction case for the property with a dedicated area of 240㎡ (approximately 72 pyeong) in Hannam the Hill, Hannam-dong, Yongsan-gu, Seoul, in May and decided to initiate a forced auction in the same month.
A forced auction is conducted when the court seizes the debtor's property and puts it up for auction if the debtor fails to repay loans by the due date.
The ownership of the building belongs to Glove Entertainment, Park Hyo-shin's former agency. Park Hyo-shin moved into this property owned by Glove Entertainment in August 2021, and it is reported that he has no standing in relation to this auction case. The sale date is said to be the 24th.
Glove Entertainment, which recorded a net loss of 6.7 billion won in 2020, has a creditor, Beyond Music, which received a court order for loan repayment in September 2020 and applied for auction in April 2022. Beyond's claim amount is 568.94 million won, and the auction was canceled in January this year due to a court's suspension of execution.
It is reported that Glove Entertainment filed a lawsuit against the claim, resulting in a suspension of execution.
This auction was requested by Beyond Music, one of the creditors, with a claim amount of 5 billion won. The previous appraisal value of the auction item was 7.89 billion won, but it is reported to have increased to 13.8 billion won this time.
Meanwhile, Park Hyo-shin signed an exclusive contract with Glove Entertainment, a newly established company at the time, in 2016, but faced conflicts, including a lawsuit against the agency in 2022, claiming that he had not received music revenue and contract payments for three years, and eventually established his own agency. He will release a new single 'HERO' on the 16th.
