Girls’ Generation‘s Taeyeon is reportedly just one of many victims in a ₩250 billion KRW (about $213 million USD) real estate fraud scandal, losing ₩1.10 billion KRW (about $938,000 USD) of her own money.
According to an exclusive report from Tenasia, Taeyeon purchased land in Hanam District, Gyeonggi Province in 2019 from a large real estate group for ₩1.10 billion KRW (about $938,000 USD). However, the land that she purchased was in a mountainous area that was designated as unfit for development unless it was for military use or a public establishment. Under the Forest Conservation Act, the land in question was virtually impossible to develop as it was an area of land that was meant to be preserved.
The real estate company purchased the land for ₩400 million KRW (about $341,000 USD), and three months later, sold it to Taeyeon for the aforementioned ₩1.10 billion KRW (about $938,000 USD). Police believe that the real estate group split the mountainous land into smaller chunks and sold lots to over 3,000 individuals, deceiving them by saying they had insider developer information on the next new area that would be redeveloped. The company even advertised on television, and a famous comedian was one of their salespeople.
SM Entertainment has declined to comment on the situation, stating that because it is her private life and her personal assets, they will not be commenting.