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Former home of late Samsung chief sold to Tehwa Holdings CEO, child for $16.5M

Published: 17 Sep. 2025, 09:29

A private residence in Itaewon-dong, Yongsan District, central Seoul, once owned by the late Samsung Electronics Chairman Lee Kun-hee, is seen on July 8. [YONHAP]

A private residence in Itaewon-dong, Yongsan District, central Seoul, once owned by the late Samsung Electronics Chairman Lee Kun-hee, has been sold for 22.8 billion won ($16.5 million) to Nayeon Kang-Chenot, CEO of Tehwa Holdings, and her 11-year-old child.

Kang-Chenot purchased the home on June 13, according to a property registration obtained on Tuesday. The property was registered under both her and the child's names.

Ownership transfer was completed on Friday, about three months after the contract was signed. The purchase was reportedly made entirely in cash without any mortgage or collateralized loan.

Perched on a hill along Itaewon-gil, the house had been jointly owned by members of the Samsung family — Hong Ra-hee, honorary director of the Leeum Museum of Art; Lee Jae-yong, chairman of Samsung Electronics; Lee Boo-jin, president of Hotel Shilla; and Lee Seo-hyun, president of Samsung C&T — following Lee Kun-hee’s death.

The property consists of a three-story house — one floor below ground and two above — with a land area of 1,073 square meters (11,550 square feet) and a total floor area of 496 square meters.

Located about a 10-minute walk from the Leeum Museum, it has long been considered symbolic of the Samsung family’s presence in the area. The surrounding neighborhood is home to other members of the Samsung family, relatives and high-profile conglomerate families, enhancing its real estate value.

In 2010, the house was ranked as the most expensive single-family residence in Korea based on its official government-assessed value of 9.52 billion won. It has remained one of the most expensive homes in the country ever since.

Lee Kun-hee purchased the property in 2010 for approximately 8.2 billion won from Saehan Media. After his passing in 2020, the house was inherited by his family. The recent sale price marks a 14.5 billion won increase from the original purchase.

The transaction is rumored to be linked to the Samsung family’s efforts to pay inheritance taxes, which amount to around 12 trillion won. The family is paying the taxes in installments over six years, with the final payment due in April 2026.

Kang-Chenot, born in 1984 and currently 41 years old, has been leading Tehwa Holdings since 2013. The company specializes in energy and steel trading, importing raw materials from countries such as Russia, Indonesia and Australia and supplying them to Asian markets. Its clients include major Korean steelmakers such as Hyundai Steel and Posco.

This article was originally written in Korean and translated by a bilingual reporter with the help of generative AI tools. It was then edited by a native English-speaking editor. All AI-assisted translations are reviewed and refined by our newsroom.
BY SHIN HYE-YEON [[email protected]]