The third auction of Compound No. 54 on University Avenue in Yangon, where Daw Aung San Suu Kyi once resided, was held today with a reserve price of 297 billion kyats. However, no bidders participated in the auction.
The first auction for Compound No. 54 was held on March 20, 2024, with a reserve price of 315 billion kyats, but no buyers came forward. Following the failed auction, U Aung San Oo, Daw Aung San Suu Kyi's brother, requested the Kamayut District Court to reduce the reserve price to 285 billion kyats. The court then revised the reserve price to 300 billion kyats and held a second auction on August 15, 2024, which also saw no bidders.
Subsequently, U Aung San Oo applied to further reduce the reserve price by 10 billion kyats. However, the court decided to lower it by only 3 billion kyats, setting the reserve price at 297 billion kyats for the third auction.
Compound No. 54 spans an area of 1.923 acres (83,765.88 square feet).
The compound, originally owned by Daw Khin Kyi (Daw Aung San Suu Kyi's mother), became the subject of an inheritance dispute between Daw Aung San Suu Kyi and her brother, U Aung San Oo. In 2016, the Yangon West District Court ruled that the property should be divided equally between the two siblings, with Daw Aung San Suu Kyi receiving a two-story house and half of the land, while U Aung San Oo was awarded a one-story house and the other half of the land.
However, U Aung San Oo appealed the decision, arguing that the entire compound should be auctioned off and the proceeds split equally. Despite his appeal, the court upheld the original ruling.
Dissatisfied with the court's final decision on the inheritance case, U Aung San Oo filed a special appeal with the Union Supreme Court on October 17, 2018. On December 12, 2018, the Union Supreme Court dismissed the appeal.
Later, on January 11, 2019, U Aung San Oo submitted a special appeal to the Union Supreme Court. On August 22, 2022, the Union Supreme Court ruled in favor of U Aung San Oo's request to auction the entire Compound No. 54 and divide the proceeds equally.
