KATHMANDU. Myanmar authorities failed to auction Aung San Suu Kyi’s lakeside bungalow on Tuesday.
The sale of the property of imprisoned Nobel Peace Prize laureate Suu Kyi failed to attract any bidders for the fourth time. The court-appointed auctioneer stood outside the old gate of the two-story building on Liffey University Avenue Road in Yangon and offered it at a starting price of $128 million.
The auctioneer, watched by a group of journalists and more than a dozen police officers, asked for bidders three times before finally announcing, “We declare the auction unsuccessful.” Suu Kyi has been in prison since being ousted in a 2021 military coup but spent years under house arrest at the same historic property during previous junta rule.
After a lengthy legal battle, her estranged brother has won half of the villa. Its sale is being overseen by junta-appointed officials and Suu Kyi will be entitled to half of the proceeds. While under house arrest at 54 University Avenue Road, Suu Kyi used to give speeches at the Border Bar. Her high-profile speeches about democracy and nonviolent resistance drew crowds of hundreds. Myanmar’s decade-long democratic experiment enabled Suu Kyi to become an elected figure after her release in 2010, and her colonial-era home was the place from which she led its fledgling civilian government.
As the country began to recover from its decline, it saw a series of historic visits from foreign leaders, including Barack Obama and Hillary Clinton. Suu Kyi has been held in prison in the capital, Naypyidaw, since the military seized power again. Critics have denounced her as a farce and have plotted to remove her from politics. Real estate agents say similar-sized properties in upscale Yangon areas can fetch between $1 million and $2 million.
It is unclear who in the country will be in a position to spend $128 million on a single, increasingly dilapidated property as the country’s economy is devastated by a civil war sparked by a military coup. It was first put up for sale in March 2024 for 315 billion kyat ($150 million at the official exchange rate), but the price has been gradually reduced in three subsequent auctions.
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