Park Jung-soo reveals reality of owning 23 billion won building: 'I have loans'

Actor Park Jung-soo revealed that he owns a building in Sinsa-dong valued at approximately 23 billion won, while sharing candid insights into asset management that differ from the typical image of a wealthy "building owner."

Behind the glamorous title of a star possessing tens of billions of won in real estate, he offered a blunt confession that concerns regarding loans, taxes, and asset management are very much a reality.

Park released a video on his YouTube channel titled "Sell a 20 Billion Won Building?! Real Estate Doctor's Shocking Solution." The video features him meeting Seo Dong-gi, known as the Republic of Korea's first PhD in Real Estate, to discuss real estate investment and asset management.

During the meeting, Park reflected on his real estate investment journey and explained how the landscape has changed over time.

Recalling the past, he said, "I have never taken out a loan in my life. In my early 30s, it was an era when one could secure a house even without loans."

However, regarding his current assets, he shared an unexpected reality.

"Currently, I own one house for my primary residence and one small building," Park said. "The rental income from there acts like a 'filial son' and is used for living expenses.""

He continued by admitting, "In fact, the amount of loans is quite significant," revealing that even high-net-worth individuals carry heavy financial burdens when holding real estate.

In particular, Park also shared his thoughts on his residence in Seocho-gu.

He explained that when choosing a home, he prioritized quality of life over investment value.

"Rather than capital gains or price increases, I considered a comfortable living environment to be more important. The surroundings are quiet and it is close to Umyeonsan Mountain, so my satisfaction is high.""

However, he also expressed a bit of playful regret that, contrary to expectations, the property value has not increased significantly.

"But the house price just won't go up no matter how hard it tries. It's the same as when I first lived here.""

In response, real estate expert Dr. Seo Dong-gi advised that residential spaces should not necessarily be viewed solely as investment products.

He noted, "For high-priced housing, price appreciation is not the only important factor," mentioning the inheritance tax issues that can arise when holding expensive properties in the Gangnam area. He explained that as the value of a house increases, the tax burden can also grow substantially.

Park responded with his characteristic bluntness, drawing laughter by saying, "If the house price doesn't exceed a certain level, wouldn't the inheritance tax burden actually decrease?"

The building in Sinsa-dong, Gangnam-gu, Seoul, mentioned by Park, is estimated by the real estate industry to be worth approximately 23 billion won.

While celebrity real estate success stories often focus solely on the result of being a "multi-billionaire," the actual world of asset management is far more complex. Behind the glamorous figures of rising building values lie practical concerns such as acquisition costs, loan management, and tax issues.

Park's confession highlights the gap between the fantasy created by the term "building owner" and the actual life of a high-net-worth individual.