President Moon Jae-in has recently sold his private home in the southern rural city of Yangsan for 2.6 billion won ($2.1 million), 1.7 billion won higher than the price he bought it 13 years ago, government data showed Thursday.

The gains were spent on the construction of a new home in Yangsan, South Gyeongsang Province, which Moon plans to move into after leaving office on May 9, according to Cheong Wa Dae.

Moon bought the old home in 2009 for 900 million won and lived there before his 2017 election.

Moon reported his wealth at 2.19 billion won as of the end of 2021, an increase of 114 million won from the previous year.

Notably, Moon and his wife reported a debt increase of 1.49 billion won due to their need to finance the construction of the retirement residence.

Cheong Wa Dae said the debt increase came after Moon and his wife temporarily borrowed money for the construction of the new residence and they repaid the money. (Yonhap)