It was recently revealed that singer PSY, known as a "real estate investment genius," had his former residence seized due to unpaid fines. The fines were penalties for failing to comply with orders to rectify illegal construction. Although PSY paid the fines five months later, lifting the seizure, the required rectifications have not been made. During the seizure period, PSY purchased a new home worth over 10 billion KRW (about 7.14 million USD).
In September 2008, PSY (real name Park Jae Sang) and his wife purchased a luxury duplex unit (252.56㎡) in The House villa complex within UN Village, Yongsan District, Seoul, for 2.2 billion KRW (about 1.57 million USD), alongside an adjacent office space (20.67㎡) for 372 million KRW. The couple resided in The House before relocating to Park Hannam in 2020, subsequently renting out the property.
However, a complaint was filed with Yongsan District Office regarding unauthorized expansions in the villa. The couple had connected a shared staircase between the duplex and office space, using it as a single residence. Following an inspection, the district office confirmed the violations and issued an order to restore the property to its original state. In December of the following year, an additional illegal construction involving reinforced concrete was discovered. The violations breached construction laws twice, once for unauthorized usage changes and another for unapproved structural additions.
In May of this year, Yongsan District Office seized the property after PSY and his wife failed to pay penalties imposed for not complying with restoration orders. Although the exact penalty amount remains undisclosed due to privacy, it is believed that fines and surcharges accumulated over 16 years since 2008 were significant. Industry experts suggest the couple may also have faced additional taxes due to the property exceeding 274㎡, classifying it as a luxury home.
Records show that PSY and his wife settled the fines on October 28th, lifting the seizure after five months. However, the villa remains classified as a non-compliant property due to the unaddressed violations. When contacted for comment, PSY's agency, P Nation, did not respond within three days.
During the seizure period, PSY acquired a new luxury home worth over 10 billion KRW. According to real estate records, he pre-purchased a unit (239.25㎡) in the Upper House Namsan, a premium villa in Itaewon, Seoul, in July 2022. He completed the final payment and took ownership this September. The Upper House Namsan is known for its high-profile residents, including Seo Min Jung, daughter of AmorePacific chairman Suh Kyung Bae, and actor Ha Jung Woo.
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