Meet Korea’s Power Couple
Okay, so first things first, let’s talk about who we’re dealing with. The couple at the center of this amazing story is Yoo Ho-jeong and Lee Jae-ryong. They’re both super well-known actors here in Korea and have been married for ages, making them total #couplegoals for a lot of people. Think of them as a beloved, long-standing Hollywood couple, but the Korean version. They’ve always had a great public image, and now, they’re also becoming known for their incredible investment skills!
From Parking Lot to Cheongdam Palace
Get this: back in 2006, the couple bought a parking lot in Cheongdam-dong, Gangnam. If you’ve ever heard of Seoul’s Gangnam district, Cheongdam-dong is the most luxurious, high-end neighborhood within it. It’s packed with designer flagship stores, exclusive restaurants, and is home to tons of celebrities. So, they bought this piece of land for about 6.2 billion won (roughly $4.7 million USD). A few years later, in 2010, they finished constructing a sleek building on the site with one basement level and five floors. The construction itself cost about 2.3 billion won.
The Billion-Won Glow Up
Now for the part that’s making everyone’s jaws drop. After all the initial costs, including buying the land and construction, their total investment was around 8.85 billion won (about $6.7 million USD). Fast forward to today, and that same building is now valued at an incredible 39.8 billion won (around $30 million USD). If you do the math, that’s a profit of about 31 billion won, which is over $23 million USD! That’s not just a good investment; that’s a lottery-level jackpot. The valuation comes from real estate experts who looked at recent sales of similar buildings in the same prime area.
What’s the Building Now?
So what became of the building they built? They sweetly named it the ‘Riyoo Building’, which is a combination of their last names, Lee and Yoo. For a while, the couple actually lived on the top floor, and Lee Jae-ryong’s entertainment agency used another floor as its office. These days, the entire building is leased out to a high-end restaurant, making it a steady source of income for them. It just goes to show that their eye for a great location has seriously paid off, turning a simple parking space into one of the hottest properties in Cheongdam!
