Former president’s seized jewelry auctioned off

Seized watches and jewels from former President Chun Doo-hwan and his family were sold off for 96 million won (91,640 U.S. dollars) in a public auction on Thursday. The public bidding was made on Onbid, an online public auction site of Korea Asset Management Corporation. Four Cartier watches (picture), which were 10 million won (9,450 dollars) apiece, was snapped up for 32 million won (30,230 dollars), more than three times the appraisal value. The Cartier watches are limited editions for the designer brand’s 100th anniversary. A total of 108 jewels including 20 diamonds and 50 sapphires were appraised at 58 million won (54,790 dollars) but were sold for 64 million won (60,460 dollars). The real estate in the names of the former president’s children failed to sell at a public auction last month. It will be auctioned off again on next Monday and Tuesday.