YANGON, Myanmar — A recent effort to auction the residence of Aung San Suu Kyi, the former leader of Myanmar currently imprisoned, ended in failure on Wednesday, as the high asking price failed to lure potential buyers amid the ongoing civil war in the nation.
This marked the third auction attempt for the lakeside home where Suu Kyi endured nearly 15 years of house arrest, a property regarded as a significant symbol of her peaceful campaign against military governance, which earned her the Nobel Peace Prize.
During the auction last August, the court established an asking price of $142 million, which was marginally reduced to $141 million for Wednesday’s attempt.
Since her democratically elected administration was deposed by the military in February 2021, Suu Kyi has been sentenced to a total of 27 years on various charges widely regarded by her supporters as fabricated to undermine her reputation.
Following her ousting, resistance against the military regime has heightened, plunging the country into a devastating civil conflict.
The auction process was initiated after a protracted legal battle between Suu Kyi and her brother, Aung San Oo, who has been advocating for an equitable distribution of the property.
Each auction has resulted in price reductions without securing any bidders. In March, the property’s price was set at 315 billion kyats (approximately $150 million), and the second auction in August listed the price at 300 billion kyats (about $142 million).
For the Wednesday auction, the starting asking price was established at 297 billion kyats, translating to around $141 million at official exchange rates or roughly $66 million at black-market values, which better represent the kyat’s worth.
The auction took place in front of the property’s locked gates, which have historically been viewed as an unofficial headquarters for the pro-democracy movement. During her residence, Suu Kyi received notable figures, including U.S. President Barack Obama, Secretary of State Hillary Clinton, and U.N. Secretary-General Ban Ki-moon.
Similar to prior auctions, the proceedings lasted less than a minute, concluding when a district court official announced that no bids had been made.
The colonial-style home overlooking Inye Lake in Yangon was granted to Suu Kyi’s mother, Khin Kyi, years ago by the government following the assassination of Suu Kyi’s father, independence leader Gen. Aung San, in July 1947.
Having lived in the residence until her release from house arrest in 2010, Suu Kyi subsequently moved to Naypyidaw in 2012 to take her seat in parliament, ultimately becoming the nation’s leader after the 2015 elections.
The court is expected to continue overseeing the auction process, though further details remain undisclosed.
