Bang Si Hyuk, the chairman of HYBE Labels, has been confirmed to be the owner of a luxurious Los Angeles mansion valued at $26.4 million (equivalent to about 36.5 billion Won).
What’s more, it’s been disclosed that the high-end property was purchased through a subsidiary of HYBE Labels, the entertainment company behind K-pop sensations like BTS, SEVENTEEN, NewJeans, LE SSERAFIM, and TOMORROW X TOGETHER.
On July 29, the Financial Supervisory Service’s electronic disclosure system revealed that Bang Si Hyuk has purchased a high-end mansion in Los Angeles, USA, through a privately held real estate entity, BEL AIR STRADELLA, LLC, in which he holds a 100% ownership stake.
Back in June, the Korea Fair Trade Commission launched an investigation into HYBE Labels, which was newly classified as a conglomerate this year, over suspicions that the company had falsified or left out important information in its annual report.
The commission didn’t specify what was missing or misleading, but rumors swirled that the omitted info might be related to companies owned by Bang Si Hyuk and his family members.
Fast forward to July 26, HYBE Labels finally came clean and published corrections to its 2024 report. As per the latest report, he has a 100% stake in a US-based subsidiary called BEL AIR STRADELLA, LLC, which was registered in December 2023.
About leaving the mansion and BEL AIR STRADELLA, LLC from documents submitted to FTC, HYBE clarified, “With the designation of the conglomerate subject to this disclosure, the obligation to disclose also arose for the corporation in question, and in practice, it was simply omitted, so we made a corrective disclosure.”
The purpose of the purchase was to facilitate music production and expand his professional network in the local music scene.