Kim Dae-jung Foundation to repurchase residence of late former President Kim Dae-jung to follow his wife’s will

A woman walks past the residence of late former President Kim Dae-jung in Donggyo-dong, Seoul, on September 26. Yonhap News

The Kim Dae-jung Foundation has decided to repurchase the residence of late former President Kim Dae-jung in Donggyo-dong, Seoul, which was sold by his third son, former lawmaker Kim Hong-geol, to an individual business.

The foundation held a repurchase agreement ceremony on September 26 at its office in Yeouido, Seoul, with Mr. Park, the business owner who bought the former president's house.

Bae Gi-seon, secretary-general of the Kim Dae-jung Foundation, said in a phone interview, "The residence is a space with historical significance and cultural value. I explained to Park that it should be preserved in its original form and permanently, and I received consent." Bae added, “Park invested in the residence with good intentions to preserve it, but since he is a private businessman, he may sell it again or lose it if his finances become difficult,” emphasizing that he would follow former First Lady Lee Hee-ho’s will to preserve the house and use it as a memorial hall.

Bae said the foundation has decided to buy back the house as long as it does not harm the buyer. Former lawmaker Kim sold the house for 10 billion won in July, citing a large inheritance tax bill, and the foundation plans to pay for the repurchase through fundraising campaigns. According to the foundation, former President Moon Jae-in and Kwon Yang-sook, the spouse of former President Roh Moo-hyun, have already expressed their support. Lawmaker Park Ji-won has reportedly told the foundation that he will donate 600 million won from his savings, and actress Lee Young-ae would also donate 50 million won.

“We expect to be able to finalize the agreement in the near future as the support from people who care about and love former President Kim continues,” Bae said.

However, some pro-Kim Dae-jung figures expressed dissatisfaction with Kim’s third son. One said on a phone interview, “Kim did not show sincerity during the process of the Kim Dae-jung Foundation's repurchase of the residence.”

※This article has undergone review by a professional translator after being translated by an AI translation tool.