BIGBANG Daesung Earned Over 60 Billion KRW Without Lifting A Finger
According to reports on November 6, KST, BIGBANG’s Daesung has boosted his net worth by over ₩65.0 billion KRW (about $47.1 million USD) in the last seven years without having to sweat much for it.
In 2017, the idol purchased a 275-pyeong (approximately 910 square meters) building in Gangnam for ₩31.0 billion KRW (about $22.5 million USD). Daesung financed ₩14.0 billion KRW (about $10.1 million USD) through a loan and the remaining in cash for the purchase.
Located in a posh neighborhood, Daesung’s building sits right across Dosan Park and is just a brief walk away from important locations like Apgujeong Rodeo Station and Gangnam District Office Station. The area is a busy commercial space with many luxury brand stores. The building’s usage was changed from neighborhood facilities to office facilities during Daesung’s ownership.
According to real-estate expert Kim Kyung Hyun from Building Road Real Estate Agency, Daesung’s building sits at an important cross-section of a general commercial zone and a residential zone, making it eligible for adding at least 11 floors. The adjacent parcels could also be developed to make it bigger.
In the past seven years, the land price of this particular area has skyrocketed. When Daesung bought the building, it was at ₩113 million KRW (about $81,600 USD) per pyeong, while the current asking price is around ₩379 million KRW (about $275,000 USD) per pyeong. Based on land price alone, the property is now estimated to be worth ₩96.4 billion KRW (about $69.9 million USD). If Daesung chooses to sell the building, it will reap him a capital gain of about [ktw] 65.4 billion [/krw].
If Daesung continues to rent the space instead of selling it, at the current monthly rate level, he can reap an annual return of more than 6%, according to Kim.
Meanwhile, this building was embroiled in controversy in 2019 when it was reported that it was housing an illegal entertainment establishment and prostitution brokerage. The entertainment establishment had reportedly been operating secretly since 2005, disguising itself as a restaurant and photo studio without a sign. At that time, Daesung’s representatives stated that he bought the building before his enlistment and was unaware of the fact. Later, he was cleared of all charges after a police investigation.
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