"I'll Buy the Apartment for 17.2 Billion Won"... A Costly Typo

A bidder at an apartment auction in Yeongdeungpo-gu, Seoul, has placed a bid nearly ten times higher than the market price.

It appears highly likely that the bidder made a mistake by adding an extra '0'.

Let's take a look at the story.

On June 11, an apartment unit in Yeongdeungpo-gu was sold at auction at the Seoul Southern District Court for 17.296 billion won.

The minimum bid price for this auction was 1.54 billion won, and industry experts believe the bidder accidentally added an extra '0'.

However, even if the bidder decides to forfeit the purchase, a significant financial loss seems inevitable.

In court auctions, bidders are required to pay a deposit equal to 10% of the minimum bid price.

For this property, the deposit was 150 million won, which will be forfeited if the bidder fails to pay the full amount.

As the number of participants in the auction market has increased recently, such cases of bidding errors are occurring one after another.

Last month, an apartment in Guro-gu made headlines when a bidder placed a bid of over 6.6 billion won for a property valued in the 800 million won range.
※ Please note: This article was translated by AI and may contain errors.