The Red Tag on the Mansion
The so-called DH Incident was a convenient label that bundled two major scandals: the Daehan Ilbo affair and the DH Hotel case. The newspaper faced charges of breach of trust, embezzlement, foreign exchange violations, and unfair trade practices, resulting in punitive damages reaching hundreds of billions of won. At DH Hotel, the owner’s family was arrested on drug and prostitution charges. Unlike the swift resolution at the hotel, the economic crimes tied to Daehan Ilbo dragged all the way to the Supreme Court.
From the company’s perspective, the astronomical fines and compensation payments hurt far more than simply sending the owners to prison. It almost seemed as though the family’s incarceration had been quietly accepted to placate public outrage. In exchange, every effort was made to reduce the crushing financial penalties. An appeal to the Supreme Court was inevitable. When the lower court’s ruling was upheld, the company resorted to every dirty trick imaginable to delay asset seizure.
Daehan Ilbo’s greatest hope lay in political compromise. They reached out to the Blue House, the ruling party, and anyone else who might wield influence. Their efforts even prompted murmurs in political circles about excessive media suppression. But that was all they achieved—empty words. They had miscalculated badly. Yoo Jae-won was the one person most eager to see Daehan Ilbo destroyed, and his will was unshakable. The people’s government could not afford to strike any backroom deals.
Of course, the Blue House possessed the power to soften the punishment, but the backlash would have been unimaginable. Yoo Jae-won’s influence in Korea was simply too vast. It was not mere rhetoric; it was real power rooted in the capital strength of ID Group. Baekho Fund, ID Microcredit, and the ID Group itself generated enormous corporate tax revenue that directly supported the Korean government’s finances. Any disruption to even one of these pillars would threaten the national economy. Pardoning Daehan Ilbo under such circumstances was simply impossible.
As a result, the newspaper’s assets entered the seizure process today. The government had at least ensured that the printing presses and the main Daehan Ilbo building—where reporters still worked—would be the last to be touched, allowing publication to continue. The first red tags appeared on assets unrelated to the newspaper itself. Among them was the house Yoo Jae-won had mentioned.
That house was, of course, the private residence of the current chairman and second-generation owner of Daehan Ilbo. Though technically called a company residence, it was anything but ordinary. One look left the mouth agape; a second look brought genuine shock. How could such a mansion exist in modern times?
It stood in Heukseok-dong, Dongjak-gu. Driving along the Han River, one would expect apartment complexes, yet a vast stretch of green forest appeared instead. It was not a greenbelt. That forest was the Daehan Ilbo chairman’s home. In the heart of Seoul’s most expensive land, he had carved out his own private world. The grounds were larger than three soccer fields combined, landscaped to resemble an ecological park. Even more astonishing was the fact that the residence did not directly touch the river; it sat one block inland. Because of this, apartment buildings stopped short in a jagged line, preserving the chairman’s unobstructed view of the Han River.
Originally, apartments had been planned for that very spot by Mirae Construction. The conflict between Mirae Group and Daehan Ilbo had naturally escalated to court. The land was large enough for two apartment towers. The outcome, visible today, was Daehan Ilbo’s victory and Mirae Group’s defeat. Mirae had mobilized every resource at its disposal, yet Daehan Ilbo proved stronger.
Despite the mansion’s grandeur, its legal owner was the Daehan Ilbo company itself. Seoul real estate never lost value, and the sheer size of the property made it impossible to ignore. The chairman had therefore registered the house under the company’s name, claiming it as a corporate residence. That decision earned the property the dubious honor of receiving the very first red tag during the seizure process.
“That single house alone is worth well over a hundred billion won.”
“Quite expensive,” Yoo Jae-won remarked with genuine admiration. When his penthouse atop the ID Global Headquarters had been completed, Seoul’s most expensive residence had become a popular topic of conversation. Many chairmen’s homes were mentioned, but the debate eventually narrowed to his penthouse versus Chairman Choi Hyun-hee of Ilseong Group. Now, thanks to this incident, the Daehan Ilbo chairman’s mansion had apparently claimed the title. Even if Yoo Jae-won’s penthouse were stripped bare, it still would not match the land value of the Daehan Ilbo residence.
“Bid whatever it takes. We must win the auction.”
“Understood. Fortunately, the final winning bid is unlikely to exceed a hundred billion. From what I’ve heard about the auction of seized Daehan Ilbo assets, participation will be low. After a few failed bids, the price could easily drop by half or more.”
Daehan Ilbo had become a paper tiger. Yet not everyone shared that perception. Many still feared the newspaper’s lingering power. Even those tempted by the auction hesitated, worried about possible retaliation. Construction companies would find the Heukseok-dong land extremely attractive—building apartments there would generate enormous profits. But few industries were as entangled in shady dealings as construction. Though Daehan Ilbo was weakened, openly defying it still carried severe consequences. The number of participants had therefore shrunk further. Once rumors spread that Yoo Jae-won himself was eyeing the property, even fewer bidders would dare to participate.
“That works in our favor,” Yoo Jae-won said calmly. “Once we win, demolish it immediately.”
“You intend to tear it down right away?”
“Yes. It’s an eyesore that clashes with Seoul’s skyline. Better to remove it.”
Neither the mansion nor its landscaping held any preservation value. The starting auction price of a hundred billion won reflected almost entirely the land; the buildings themselves were worthless.
“Understood.”
Choi Kang-wook shared the same view and asked no further questions. Yoo Jae-won had not yet decided what to build in its place. Apartments were out of the question. The rare golden land deserved something far more valuable.
“Time really flies,” Yoo Jae-won murmured, watching the passing scenery. It felt like only yesterday that people had been making such a fuss about the new millennium, yet the year was already ending. Outside the car window, the streets bustled with Thanksgiving energy. People dressed warmly, carrying gift packages, presented a pleasant sight.
“Doesn’t it? I feel the same way.”
It was not only the streets that had changed. Normally Kim Dae-seok would have been sitting beside him, but today Tiffany occupied that seat, her golden eyes brimming with warmth. They were on their way to the mansion of her grandfather, Frederick Taylor II. Every Thanksgiving, the Taylor family gathered there, and this year Yoo Jae-won was finally attending as a full member of the family. They had flown from San Francisco to Los Angeles and were now being driven from the airport to Frederick’s estate.
“Jae-won! Look, it’s the GTA Edition!” Tiffany suddenly exclaimed, pointing at the street. A father and son were emerging from a shopping mall. The boy clutched an Xbox GTA3 Edition box, his face glowing with pure joy. Yoo Jae-won’s smile deepened. Released to coincide with the Thanksgiving season, GTA3 had received universal acclaim from gamers and critics alike and was enjoying massive success. To celebrate the launch, ID Group had released a special Xbox GTA3 Edition bundle containing both the console and the game. The console featured the GTA3 logo, and the game was included. Though priced higher than buying them separately, demand far outstripped supply. The lucky father and son had managed to secure one. Yoo Jae-won wondered whether a twelve-year-old boy could truly appreciate the game’s mature content.
The car continued onward, leaving downtown Los Angeles behind and entering the vast grounds owned by Frederick. In the distance, the Taylor mansion gradually came into view. Anticipation outweighed any sense of burden. Though a few relatives like Jacob and Tiffany’s aunts remained awkward, Frederick’s clear favor toward Yoo Jae-won mattered far more.
Soon after, they arrived.
“Welcome, Miss Tiffany.”
The first to greet them was Alfred, the butler who managed every aspect of the household.
“It’s been a long time, Alfred.”
Tiffany greeted him warmly, even offering a light embrace.
“Chairman Yoo Jae-won, welcome as well.”
“Hello, Alfred.”
Yoo Jae-won offered a handshake. Tiffany had grown up visiting the mansion and felt at ease, but to Yoo Jae-won, Alfred was simply Frederick’s trusted aide.
“The master has been waiting for you for quite some time.”
Alfred led them directly to Frederick’s study—an office in every sense of the word. While Yoo Jae-won kept a workspace within his library, Frederick maintained a separate room dedicated solely to work. The space was imposing. Frederick’s desk sat at the center, with the entire room arranged to face it. The design clearly reflected careful thought. Yet something new stood out: an ID NewEgg3 occupied a prominent place on the desk. The room had once contained almost no electronic devices, but the cutting-edge machine now fit surprisingly well. Its silver aluminum alloy casing harmonized with Frederick’s silver hair, and the sight of him wearing silver-rimmed glasses while working at the computer felt unexpectedly natural. It could have passed for a carefully staged advertisement for the NewEgg3.
Yoo Jae-won was tempted to suggest Frederick as an actual model, but knowing the man’s personality, he kept the thought to himself.
“You two are the first to arrive. Hmm.”
Frederick gestured toward the seats in front of his desk, his expression a complicated mix of emotions. It still felt strange to see the little girl he remembered now married and visiting with her husband.
Alfred soon brought tea, and the conversation began with simple pleasantries. Grandfather and granddaughter spoke with obvious affection, yet Frederick did not exclude Yoo Jae-won. Stories from their honeymoon naturally led to discussions of the people they had met, allowing Frederick to reassess Yoo Jae-won’s network. Tales of conversations with Hu Jintao and Vladimir Putin proved both entertaining and insightful.
After finishing a cup of tea, Tiffany rose to fetch the gifts she had prepared for her grandfather. Once she left, an awkward silence settled between the two men. Without Tiffany as a bridge, they were essentially strangers. The relationship between Yoo Jae-won and Grandfather Jeon Myeong-heon had been quite different.
Frederick was the first to speak.
“Ahem. There’s something I’ve been curious about.”
“Yes? What is it?”
Yoo Jae-won assumed Frederick was having trouble with the computer. After all, when Alfred had shown him into the study, Frederick had been staring at the NewEgg3 monitor with a slightly frustrated expression.
“How far do you intend to take the electric vehicle business?”
The question caught Yoo Jae-won completely off guard.