Aung San Suu Kyi’s lakeside villa, a site of political and historic significance, failed to attract buyers once again. The junta’s $140 million minimum asking price appears unrealistic amid the country’s struggling economy and ongoing unrest.
By PC Bureau
Myanmar’s military junta once again failed to auction the lakeside mansion of former democracy icon Aung San Suu Kyi, as no bids were submitted on Wednesday. The two-story colonial-era property, located on Yangon’s prestigious University Avenue, sits on 0.8 hectares (1.9 acres) of land and was offered at a minimum price of $140 million. Despite repeated efforts, the junta’s attempts to sell the house have drawn no buyers — this being the third failed auction after previous attempts in March and August last year.
The auction, attended by around a dozen journalists and monitored by plainclothes security personnel, saw the auctioneer repeatedly call for bids starting at 297 billion kyats ($140 million). However, there was no response. “I announce the auction is not successful after calling for bids three times,” the auctioneer declared, as AFP reporters observed the scene.
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A Property Steeped in History
The mansion has a unique place in Myanmar’s political history. Suu Kyi, the Nobel Peace Prize laureate and former de facto leader of Myanmar, was confined within its crumbling walls for nearly 15 years under house arrest during the previous junta rule. During this time, she became an international symbol of non-violent resistance against authoritarian rule.
Cut off from her husband and children in England, Suu Kyi spent her years of isolation reading detective novels, meditating, and playing the piano. Despite her confinement, hundreds of supporters would gather outside her gates to hear her address calls for democracy and non-violence.
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Following her release in 2010, the mansion became a hub for diplomatic activity. Foreign dignitaries, including then-US President Barack Obama, visited her there as she rose to political prominence in Myanmar’s fragile transition to democracy.
Third attempt to auction off the home of Myanmar's ousted Aung San Suu Kyi fails to draw any bidders https://t.co/XcLHamMlWc
— The Independent (@Independent) February 5, 2025
Legal Dispute and Political Suppression
The property has long been the subject of a legal dispute between Suu Kyi and her brother, Aung San Oo. He has claimed partial ownership of the house for decades, a contention that remained unresolved even after Suu Kyi’s rise to political power.
Currently serving a 27-year prison sentence on charges widely condemned as politically motivated, Suu Kyi was detained following the military’s February 2021 coup that plunged Myanmar back into authoritarian rule. Rights groups have decried the junta’s charges against her, which range from corruption to violating COVID-19 restrictions, as a blatant attempt to eliminate her politically.
Economic Realities and Auction Challenges
The junta’s astronomical asking price for the property has been met with skepticism. Real estate experts point out that comparable properties in Yangon’s upmarket neighborhoods typically fetch between $1 million and $2 million. Given the country’s shattered economy, which has been further weakened by civil conflict and international sanctions, it is unclear who within Myanmar could afford such a purchase.
The repeated auction failures underscore not only the property’s symbolic significance but also the stark economic realities facing the nation under military rule.
