Myanmar’s military junta failed for the third time to auction off Aung San Suu Kyi’s lakeside mansion in Yangon on Wednesday, with no bids submitted for the property. The two-story house, located on leafy University Avenue, was listed with a starting price of $140 million, but the sale attracted no interest.
The mansion, situated on about 0.8 hectares (1.9 acres) of land, has been the subject of a long-running dispute between the Nobel laureate and her brother. Suu Kyi, who spent years under house arrest at the property under a previous military regime, has been detained since the military coup in February 2021 that ousted her civilian government.
The auction took place outside the crumbling colonial-era house, located a short distance from the US embassy. Despite the minimum price of 297 billion kyats (approximately $140 million), no bids were received after three calls for offers. The auctioneer subsequently declared the sale unsuccessful. This marks the third failed attempt to sell the property, following similar unsuccessful auctions in March and August of last year.
Myanmar’s ongoing civil conflict, sparked by the 2021 military coup, has devastated the country’s economy, and it remains unclear who could afford such a substantial sum for a decaying property in a war-torn nation. Real estate experts note that similar-sized properties in upscale Yangon areas might only fetch $1 million to $2 million.
The house itself holds significant historical value for Myanmar. Suu Kyi spent nearly 15 years inside the mansion after her arrest during the 1988 anti-junta protests, where she became an international symbol of democracy and non-violence. Her years in confinement were marked by public speeches from the mansion’s gates, which inspired thousands of supporters to gather outside.
After her release in 2010, Suu Kyi returned to live in the house and hosted various foreign dignitaries, including then-US President Barack Obama.
Now 79 years old, Suu Kyi is serving a 27-year prison sentence under charges that human rights organizations have denounced as politically motivated. The junta has filed a range of charges against her, from corruption to violations of Covid-19 regulations, in what many consider an attempt to eliminate her from Myanmar’s political landscape.
