Myanmar authorities made their fourth unsuccessful attempt to auction the Yangon residence where Aung San Suu Kyi, the former leader, was once held under house arrest on Tuesday. No bids were made for the historic property, a legal official disclosed, though it remained unclear whether the high base price, which translates to tens of millions of dollars, discouraged buyers, or if it was due to warnings from those opposing the military government.
The iconic 1.9-acre estate on Inye Lake is a symbol of Suu Kyi’s relentless resistance to military rule, which earnestly earned her the Nobel Peace Prize. The legal source, who wished to remain anonymous, reported that the auction was held outside the property’s gates — a site that once buzzed with activity as the hub for Suu Kyi’s National League for Democracy.
Suu Kyi’s long-standing legal conflict with her estranged brother, Aung San Oo, over the equal division of the estate resulted in a court-mandated sale, intended to split proceeds between the siblings. Her legal team contested the legitimacy of this enforced auction.
The property was priced at 270 billion kyats during this auction attempt, roughly $128 million at official rates or around $62 million, reflecting Myanmar’s currency’s true market value. This price was already lowered from a former 297 billion kyats, marking a significant decrease from what was pegged in a failed sale attempt last February.
Disapproval regarding the sale stems in part from Suu Kyi’s symbolic status — she was taken into custody in February 2021 when the military seized control from her democratically elected leadership. Critics argue the property is a cultural gem, notable for hosting dignitaries like U.S. President Barack Obama and U.N. Secretary-General Ban Ki-moon, and must not be redeveloped or destroyed.
Wealthy individuals in Myanmar, often linked with the ruling military as cronies, generally shy away from purchasing the property also due to concerns about becoming targets for anti-military forces. Amid Myanmar’s civil conflict, several business leaders and civil servants, seen as opponents to the regime, have faced assassination.
The estate and its colonial-style home have historical value, having been a gift to Suu Kyi’s mother, Khin Kyi, in acknowledgment of her husband Gen. Aung San’s dedication to independence before his assassination in July 1947. Suu Kyi resided there post-2010 house arrest release until relocating in 2012 to Naypyitaw to take her parliamentary role, subsequently leading the nation post-2015 election. Presently, she is serving a 27-year sentence by the military’s orchestrations, and legal representation has since December 2022 not been allowed contact with her.
The court is expected to continue overseeing the auction proceedings, although further details remain undisclosed at this point.