[All] Kyuhyun put the building up for sale

Kyuhyun/ Photo = Ten Asia Photo DB
It has been revealed that Super Junior member Kyuhyun has put up for sale the guesthouse building he used to run with his family.

According to the real estate industry on the 26th, a building owned by Kyuhyun located in Namsan-dong, Jung-gu, Seoul recently came onto the real estate market. The building, which has 1 basement floor and 6 floors above ground and was renovated and used as a guesthouse, is being sold for 9.5 billion won, and including the small lot attached to the back, it is being sold for a total of 11.8 billion won.

Kyuhyun purchased the buildings located in the ultra-convenient area near Exit 2 of Myeongdong Station in June 2014. At the time, he reportedly purchased the main building with a floor area of ​​1,714㎡ for approximately 7.3 billion won, and the two-story building with a floor area of ​​70㎡ for approximately 2.3 billion won. The total purchase price is approximately 9.6 billion won, and considering the maximum amount of debt of 6 billion won according to the real estate register, it is estimated that approximately 5 billion won of the actual funds were covered by loans.

The building originally housed a photo studio, but was later remodeled into a cafe and a 60-room guesthouse. Kyuhyun previously appeared on MBC's "Radio Star" and said, "We're in the era of 1 million tourists," and "There are a lot of foreigners in Myeongdong, so I opened a guesthouse. My parents and older sister are running it."

There is also testimony that the actual three-day weekend guest room revenue amounted to approximately 17 million won. Thanks to this, Kyuhyun's real estate investment was recalled as a successful example of celebrity financial investment.

However, the real estate industry interpreted that "the direction of asset management seems to have changed as the floating population of Myeongdong has decreased significantly since COVID-19 and the demand for foreign tourists has not recovered as before." It also seems that the movement of tourist routes to Gangnam, Hannam-dong, and Seongsu since last year has had an impact.

Kyuhyun put the building up for sale

I think tourism has definitely declined.