In Yangon, Myanmar, the second attempt to auction the family home of Aung San Suu Kyi, the country’s imprisoned former leader, failed as no bidders appeared. This lack of interest was likely due to the high court-ordered asking price of $142 million. The house holds significance as Suu Kyi’s residence during her 15 years under house arrest, where she hosted notable figures such as U.S. President Barack Obama and Secretary of State Hillary Clinton, and is considered a symbol of her peaceful resistance against military rule, recognized with a Nobel Peace Prize.
The minimum sale price was set at 300 billion kyats, reduced from the previous attempt’s 315 billion kyats in March. Despite being a substantial amount, especially in a nation grappling with civil unrest and high poverty rates, the true value is closer to $46 million due to the declining value of the local currency. The proceeds from the sale were intended to be divided between Suu Kyi and her older brother, with Suu Kyi’s legal team contesting the auction order.
The auction took place at the property’s gates, which have been a hub for pro-democracy activities. Lasting less than a minute, the proceedings ended when no bidders came forward. The court will continue managing the auction process following legal protocols, although specifics are yet to be disclosed. The 1.9-acre lakeside property in Yangon has historical significance, given by the government to Suu Kyi’s mother after her father, a national hero, was assassinated in 1947.
Suu Kyi, now 79, stayed at the residence post her release in 2010 until relocating to Naypyitaw in 2012 to join the parliament. Following her victory in the 2015 general election, she assumed leadership until a military coup in 2021, resulting in her current 27-year sentence on various charges widely criticized as politically motivated. The auction stems from a lengthy legal dispute between Suu Kyi and her brother over equal property shares. Despite claims of injustice, her lawyers have been denied access to her since December 2022.