CEO Park Jin Young of JYP Entertainment; is the owner of the third largest music agency in South Korea. The iconic landmark has now been sold to the fifth richest woman in South Korea.

According to Dispatch, the property of JYP Entertainment has been sold and purchased on November 25th for 7.6 billion Korean Won (approximately $7.6 million US dollars). Park Jin Young sold the property to SK Happiness's Chief Director Choi Ki Won.

Chief Director Choi Ki Won now owns the property; which the land area is 329.5㎡ and the gross floor area is 1039.3㎡. Along with the huge land area, the building has a total of five floors; which includes an underground. Choi Ki Won is known in South Korea as the fifth richest woman and the second highest holder of shares for C&C.

Choi Ki Won is the younger sister for SK Group's President Choi Tae Won. Even though Choi Ki Won is the new owner, the JYP Entertainment business operations will not be leaving any time soon because the company signed a three year lease contract.

JYP Entertainment reportedly put down a deposit of one billion Korean Won (roughly about one million US dollars) and will have to pay monthly rent.

One representative from the company revealed, "J.Y. Park originally owned that building and JYP (the company) leased it from him."

"From the stance of JYP as a company, only the building owner has changed," explained the rep.

As for what the future holds in store of the company and their offices, JYP Entertainment has plans to merge them all together. "With the JYP building as the main office, various head offices are located in separate locations. We plan to establish a new HQ to bring all those offices together."

The CEO of Miso Real Estate commented regarding the purchase, "The JYP building is in a very desirable location in Chungdam. There are many big K-Pop companies around so it is known as the center of K-Pop. The environment is very active as well, it is very much worth investing in."