The image shows a rendering of the residential facility, "The Palace 73." Courtesy of Seoul Auction

Seoul Auction hosted an unprecedented event where an officetel unit's presale right was auctioned for 21.9 billion won ($15.8 million), the auction house said Wednesday.

The unit, part of the residential facility "The Palace 73" set to be built in Banpo-dong, Seocho District, Seoul, had an initial auction price of 16 billion won.

The bidding process was intense, with the price escalating in increments of 500 million won over 11 rounds, eventually reaching 21.5 billion won.

The final bid of 21.9 billion won was made by a sealed bidder, securing the presale right.

The auctioned presale right corresponds to a single officetel unit in "The Palace 73," with a floor area of 261.3 square meters (approximately 79 pyeong).

The original presale price was 21 billion won. This building is notable for being designed by Richard Meier, the Pritzker Prize-winning architect who retired amid sexual harassment controversy.

This unique factor contributed to its inclusion in an art auction, a first for Korean real estate.

The winning bidder will have the unit's interior designed by Meier's architectural firm, Meyer Partners, and will receive art consulting services from Seoul Auction. Seoul Auction has decided not to charge the typical 18 percent commission fee for this transaction.

This article from the Hankook Ilbo, a sister publication of The Korea times, is translated by a generative AI and edited by The Korea Times.