The second attempt to auction the home of Myanmar's ex-leader Aung San Suu Kyi failed Thursday since no bidders showed up. The asking price of $142 million, set by court orders, likely deterred potential buyers. Suu Kyi, a Nobel laureate, spent 15 years under house arrest in the property, marking it as a historical site in her fight against military rule.
The minimum price was reduced from March's $150 million to $142 million. Volatile black-market exchange rates are a better reflection of the true purchasing power of the kyat: Using those rates, the current price is closer to $46 million versus $90 million in March. Still, almost half the population falls below the national poverty line, which is set at $0.76 a day. The property auction, which would see proceeds split between Suu Kyi and her brother, lasted less than a minute, with the district court announcing no bids and ending the proceedings.
The home, a 1.9-acre lakeside property in Yangon, was given decades ago to Suu Kyi's mother after Suu Kyi's father was assassinated in 1947. The court will continue to handle the auction, but the future steps and outcomes remain unclear. Suu Kyi is currently serving a 27-year sentence on charges widely deemed as politically motivated. Her estranged brother has long fought for an equal share of the valuable property. (This story was generated by Newser's AI chatbot. Source: the AP)
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