The attempt to auction Aung San Suu Kyi's iconic lakeside mansion in Yangon has floundered for the third time. Located on University Avenue, just a stone's throw from the U.S. embassy, this colonial-era villa failed to receive any bids during the latest auction. The event, attended by a dozen journalists and monitored by plainclothes security personnel, ended without any takers for the two-storey property, which holds profound historical significance in Myanmar.
The villa, set on approximately 0.8 hectares of land, is listed at a minimum price of US$140 million. This figure starkly contrasts with similar-sized properties in upmarket areas of Yangon, which typically range from US$1 million to US$2 million. Despite its hefty price tag, the mansion's historical context adds to its perceived value. Aung San Suu Kyi, a pivotal figure in Myanmar's political landscape, lived in this house after her release in 2010 and hosted foreign dignitaries, including former U.S. President Barack Obama.
The villa is not only marked by its architectural grandeur but also by its role in Myanmar's turbulent history. Aung San Suu Kyi spent nearly 15 years under house arrest there, during a previous military junta's rule. Today, she remains detained following the military coup in February 2021, serving a 27-year prison sentence on various charges.
"I announce the auction is not successful after calling for bids three times," declared the auctioneer.
The auction commenced with a starting bid of 297 billion kyats, equivalent to US$140 million, yet it was met with silence. The villa's failure to sell highlights both its exorbitant pricing and the current political climate's impact on real estate transactions involving iconic properties.
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