A former colonial-style mansion of Aung San Suu Kyi, in Myanmar, received no bids in a recent auction due to a dispute with her sibling, Aung San Oo.
Despite the property’s idyllic location by Inye Lake, Yangon, and its significant price tag in the tens of millions, it failed to attract any interest. This was attributed to the estate’s poor condition, dilapidation, and an ongoing family feud.
The Supreme Court had set up the auction hoping to resolve the legal disputes within the family. However, regardless of the mansion’s beauty and breathtaking views, potential buyers were not enticed by the residence due to various issues it presented.
Despite the lack of bidders, the auction did garner some media attention. It was symbolically started by a bell ringing three times and quickly ended with no bidders. Surprisingly, despite the publicity it received, no sounds were heard during the auction except the bell’s tolls.
Marketing materials estimated the property’s worth at a staggering 315bn kyats or US$150m based on official exchange rates. However, some sources suggested a lower valuation around US$90m, contributing possibly to the lack of interest.
Aung San Oo, Suu Kyi’s brother, refrained from making any comments regarding the auction, as did the military-led government of Myanmar.
The property holds a rich and deep significance for Suu Kyi. She resided there for over three decades, gave speeches, and hosted political meetings. Inherited from her mother after the death of her father in 1947, the mansion remains a symbol of resistance against military dictatorship. It witnessed important events of Suu Kyi’s life, such as her house arrest, her absent Nobel Peace Prize win, and her release.
Even with a controversial power-sharing agreement with military leaders and a disputed 27-year prison sentence, Suu Kyi’s popularity continues to grow in Myanmar and internationally, further amplifying the significance of the unsold mansion.
