Ronald Reagan once said that even if money may not buy happiness, it will help you get a better class of memories. Memories of living in a mega-mansion are worth remembering, which could be why one Samsung heir bought a $19.2 million Beverly Hills mansion. Chung Yong-jin is an avid investor who wants to take Shinsegae Group Ltd to the next level. He traveled to the United States in early 2021 to fulfill his vision of opening a high-end grocery store, PK Market, in the US. Although the COVID-19 pandemic delayed the plans to open the first store in the first half of 2021, perhaps this new property acquisition signals that he is ready to settle down and focus on the expansion. Let’s take a closer look at the Beverly Hills mansion.
More about the Mansion
Yong-jin did not mind paying $19.2 million for a house built in 2012. It was originally owned by Indonesian businessman Aan Sinanta, a coal mining tycoon. The Indonesian had bought the house while it was still new for $12.6 million but did not live in it for long before deciding to put it up for sale. According to The Real Deal, the house has been in the market on and off for about six years. It was once listed for $22 million, so the South Korean must have been happy about the discounted price. Although parting with $19.2 million may seem like a lot, it is worth it considering the amenities the house has to offer. It sits on a half-acre plot, and the mansion sprawls over 11,000 square feet. Its decorations have been luxuriously updated to make the Tuscan-style house worthy of the presence of the billionaire. The six bedrooms will be enough for his family, seeing that Yong-jin has two sons and two daughters, leaving one bedroom for his guests. The house also has ten bathrooms, so no queuing to use the facilities.
Entertainment is well taken care of thanks to the cinema room with comfortable leather seats. Wine lovers will be glad to know that the heir had them in mind with the temperature-controlled wine cellar complete with a tasting area. If wine does not quench your thirst, the walk-in bar in the family room stocks enough drinks for optimal merry-making. Of course, drinks must be accompanied by food; thus, the mansion has a gourmet kitchen fitted with Wolf appliances and an outdoor kitchen with a built-in bar and grill. The formal dining area can seat ten people; its elegance is enhanced by the glass dining table, white chairs, and chandelier. There is an alfresco dining area on the patio and an outdoor lounge complete with a large fireplace. Keeping fit is facilitated by the gym while you can cool down the hot summer temperatures by taking a swim in the pool whose privacy is facilitated by the high wall and tall trees. After swimming, total relaxation is completed in the spa and sauna. Yong-Jin also has more than enough space for his cars since the underground garage can hold six vehicles.
He Has the Most Expensive Residences in Korea
If you thought the Beverly Hills mansion was his only residence, you are mistaken because, in his home country, he is reputed for having the most expensive house. According to The Korea Times, an online business data provider revealed that the heir owns two properties whose total value is 10.68 billion won, equivalent to $9.12 million. That value was the highest among second-generation leaders in Korea’s corporations. One of the properties in Gyeonggi province was valued at 8.1 billion won ($6.9 million), making it the most expensive house on the list of those who own the expensive residences in Korea. His other property in Yongsan District, Seoul was priced at 2.58 billion won ($2.2 million).
You may wonder how Yong-Jin can afford such luxurious mansions, but he owes it all to his bloodline. He was born to Lee Myung-hee, the chairman of Shinsegae Group, and Chung Jae-eun, the group’s honorary chairman. His maternal grandfather, Lee Byung-chul was the founder of Samsung Group. Yong-jin is far from inheriting the wealth seeing that Lee Jae-young became the richest stockholder in South Korea after Lee Kun-hee, the Samsung Electronics chairman, died. However, he still has his share of wealth mostly passed down to him by his mother. According to Korea JoongAng Daily, in September 2020, Myung-hee gave her share in the Shinsegae Group Ltd to her children. Both Yong-jin and his sister, Chung Yoo-kyung received an 8.22% stake each in different companies. Yong-jin got a stake worth $277.5 million in Emart, while his sister’s stake in Shinsegae Department Store is worth $144 million. With Yong-jin’s shares in Emart rising to 18.55%, his net worth also rose. However, the gift carried a tax of 120%, but after deductions, the heir only had to pay $101.7 million. Despite such a hefty tax, the heir’s net worth is estimated at $1.7 billion.
He is Not the Only Billionaire Heir to Splurge on Real Estate
According to The New York Times, no amount of socialite spending can compare to the amount of money that the Ecclestone sisters splurge on real estate. As per the article, Bernie Ecclestone set aside a $4.5 billion trust fund for his wife and daughters to use on real estate investments. Consequently, his daughters Petra and Tamara did not disappoint. They spent over $200 million on houses in London and Los Angeles. With such a trust fund to depend on, one of the sisters did not mind forking out $150,000 per month on a house in Bel-Air as she looked around for the ideal one to call her own. In 2010, Petra was reported as the pending buyer of $150 million Spelling Manor, listed as the most expensive home in America at the time.