$14.5M in properties linked to death-row tycoon Truong My Lan fail to sell at auction

There was no bidder in an auction of four properties worth a total of VND375 billion (US$14.5 million), all linked to Truong My Lan, the property tycoon who is in death row for embezzlement.

As the assets, comprising a villa, two houses and an apartment in central HCMC attracted no interest, the auction was considered unsuccessful, according to the HCMC Asset Auction Service Center.

Among them, the most expensive property was the villa in Xuan Hoa Ward, with a starting price of more than VND202.5 billion.

The two houses were priced at VND94 billion and VND37 billion, while the apartment was priced at VND41 billion.

Several other assets linked to Truong have also failed to sell after multiple auctions, even as their starting prices were lowered.

The Reverie Saigon yacht will be auctioned for the seventh time on Oct. 28 at VND29.2 billion, down 44% from the original starting price.

Two passenger vessels belonging to Lan, are also being offered for the seventh time. Their starting prices have each fallen by more than 45% to around VND2.3 billion per vessel.

In 2024 Lan and her accomplices were found guilty of embezzling Saigon Commercial Bank and causing it a loss of VND677 trillion ($27 billion) over the course of a decade.

She received a death sentence, which was upheld by an appeals court last year.

Following an investigation into Lan’s company, Van Thinh Phat, over 1,200 properties and many assets directly linked to her were seized.

At the trial, Lan tried unsuccessfully to get several assets returned, including the yacht and two Hermes brand bags.