Celebrities who bought their luxurious homes in cash without a mortgage

While the nationwide real estate market experiences a gradual slowdown in South Korea, the entertainment industry paints a contrasting picture. 'Top-tier' celebrities appear largely unaffected by the surging housing prices and rising mortgage interest rates.

Making it in the entertainment industry is difficult and is akin to finding a needle in a haystack, but once celebrities achieve fame, the potential for wealth accumulation knows no bounds. In particular, when celebrities reach a certain level of prominence, they frequently demonstrate their financial prowess by purchasing properties outright with cash.

For the average person, the notion of acquiring a property worth tens or even hundreds of billions of KRW (millions of USD) without a loan is nothing short of astonishing and nearly inconceivable.

Even in South Korea, there are several celebrities who bought their homes without the need for a mortgage.

Lim Young Woong

In September of last year, Lim Young Woong purchased a penthouse located in Mapo-gu, Seoul, for 5.1 billion KRW (approximately 3.9 million USD). This penthouse was also considered one of the apartments with the highest increase in housing prices in Seoul last year.

According to experts, it is speculated that Lim Young Woong paid the full amount in cash for the purchase, judging by the absence of a separate mortgage.

BLACKPINK's Jennie

Jennie reportedly purchased a unit at the LaTerrace villa complex of UN Village, costing 5 billion KRW (3.8 million USD) in cash this past July. The 2,636 square foot luxury apartment is said to have 5 bedrooms and 3 bathrooms, and Jennie reportedly put a 10% down payment for the place back in February of 2021.

Jun Ji Hyun

Jun Ji Hyun jointly purchased a residence with her husband for an impressive 13 billion KRW (approximately 10 million USD). Since there was no mortgage loan for the property, it is speculated that the entire purchase was made in cash.

IU

IU also acquired a luxurious villa worth 13 billion KRW (approximately 10 million USD).

The villa is the upscale apartment 'Eterno Cheongdam' located in Cheongdam-dong, Gangnam-gu, Seoul. Given that this area is recognized for its restrictions on mortgage-based home purchases, it is speculated that IU completed the property acquisition entirely with a cash payment.

'Eterno Cheongdam' is an apartment well-known for being purchased by actor Song Joong Ki for around 15 billion KRW (approximately 11.6 million USD). The reported selling price is around 2 billion KRW per pyeong (35.6 sq ft), making it one of the highest-priced apartments in the South Korean real estate market.

BTS's RM and Jimin

BTS members RM and Jimin purchased upscale residences at 'Nine One Hannam' in Hannam-dong, Yongsan-gu, Seoul, in 2021.

Both of them acquired their respective properties in cash, without a mortgage.

RM purchased a unit with a total floor area of 293.93㎡ (3,167 square feet or 89 pyeong) for 6.36 billion KRW (approximately 4.9 million USD).

Jimin also obtained a unit with a similar size to RM's for approximately 5.9 billion KRW (approximately 4.6 million USD).

While both units in Nine One Hannam have identical dimensions, it has been verified that the presence or absence of a terrace significantly influences the pricing.