Kakao founder and Chairman Kim Beom-su sold a building located in Seoul’s Yeoksam-dong in Gangnam-gu for 38.2 billion won ($31.2 million) last year, according to local reports Monday. The building was used as Kakao’s first headquarters.

Kim purchased the building for 29 billion won in 2011 together with Chun Yang-hyun, executive chairman of Cocone. In 2013, Kim bought Chun’s share in the building for 17 billion won and became the sole owner.

Kakao’s headquarters moved to Pangyo Techno Valley in nearby Seongnam, Gyeonggi Province, in 2012, and Kim’s Yeoksam building has been used as offices by Kakao VX and K Cube Holdings, the holding entity of Kakao.

In August last year, Kim sold another building located in the Cheongdam-dong area of Gangnam-gu for 12.6 billion won.

By Shim Woo-hyun (ws@heraldcorp.com)