A company led by Kang Na-yeon, chairwoman of Tehwa Holdings, has purchased the former Itaewon residence of the late Samsung Electronics Chairman Lee Kun-hee for 22.8 billion won ($16.4 million) in cash.

According to property registry records on Wednesday, Kang signed the sales contract on June 13 and completed the transfer of ownership on Sept. 12 after paying the balance in full. The purchase was made without a mortgage. A 15 percent stake in the property was registered under her child's name.

Born in 1984, Kang has headed Tehwa Holdings since 2013. The company specializes in trading energy and steel, importing raw materials from countries such as Russia, Indonesia and Australia, and supplying them to Asian markets. Major Korean steelmakers including Hyundai Steel and POSCO are among its clients.

The residence, located on a hill in Itaewon, was purchased by Lee in 2010 for about 8.2 billion won.

The property has a land area of 1,073 square meters and a floor space of 496 square meters, and for years was regarded as a symbolic home of the Samsung family.

In 2010, its official appraised value was 9.52 billion won, the highest among single-family homes in Korea at the time, and it continued to be recognized as the most expensive standalone house in the country.

After Lee's death in 2020, the home was jointly owned by his widow Hong Ra-hee, honorary director of the Leeum Museum of Art, and his children: Samsung Electronics Chairman Lee Jae-yong, Hotel Shilla CEO Lee Boo-jin and Samsung C&T President Lee Seo-hyun. The family reportedly began seeking a buyer earlier this year.

Industry officials say the sale may be linked to financing the family's inheritance tax payments, estimated at 12 trillion won in total. The Samsung heirs are paying the tax in installments over six years, with the final deadline set for April 2026.