Comedian wins Seoul apartment lottery, can't afford the W2.7b price tag

Comedian Lee Chang-ho revealed that he won a subscription lottery for a Seoul apartment but had to walk away because he could not afford the 2.7 billion won ($1.91 million) price tag.

Appearing on MBC's "Radio Star" on Wednesday, Lee said he had started dabbling in investment because he felt like he was falling behind, and that he had entered the subscription lottery for a high-end apartment near Yeouido, Daebang and Noryangjin in Seoul.

He said he applied without much expectation, only to find he had won. "I entered not thinking I'd actually win," Lee said. "But once I did, they told me to pay 2.7 billion won."

When comedian Hong Hyeon-hee asked whether he could pay in monthly installments, Lee replied simply, "I don't have the money."

Lee added that the area was designated a speculative overheating district, making it difficult to secure a large enough loan, and that he ultimately walked away from the contract.

Under current rules, applicants who win an apartment subscription lottery but cancel their contract are barred from winning again for 10 years.

Broadcaster Kim Gu-ra referenced the penalty while drawing a contrast with another recent winner. "Ahn Yu-jin smoothly put the money in," he said, "while Chang-ho didn't have it."

Ahn Yu-jin, a member of the K-pop group IVE, recently made headlines after it emerged she had won a subscription for "The H Bangbae" apartment in Seocho-gu, Seoul. The development was subject to a pre-sale price cap, which set the cost below market rates — the 84-square-meter unit was priced at up to 2.24 billion won, while the current asking price is reported to have reached 4 billion won. The news sparked debate over whether the pre-sale price cap, a policy intended to help ordinary buyers, had instead benefited wealthy celebrities.