Former yakuza headquarters sells for 100 million Yen

After several hiccups, the former headquarters of a crime syndicate in Kitakyushu has been sold for 100 million Yen (approx. 935,000 USD).

In order to legally facilitate the transaction, a public interest incorporated foundation first acquired the property from the crime syndicate. It was then re-sold to a Fukuoka-based company for the same price. Under the terms of the agreement, the crime syndicate will demolish the building. After deducting demolition costs and outstanding property taxes, the remaining proceeds from the sale will go towards victims of the gang’s various activities.

The headquarters was built in 1971 and sits on a 1,750 sqm lot near the Kitakyushu Media Dome arena. In an effort to eliminate the gang’s influence, Fukuoka Prefectural Police issued an order prohibiting gang members from using the building in 2014. Unpaid property taxes quickly piled up, causing the city to foreclose on the building and land in late 2018.

The syndicate had agreed to allow Kitakyushu City to find a buyer. The city had estimated the property value at around 130 million Yen. Over 30 potential buyers, all corporations or organizations, were found, of which four made bids on the property. A disagreement over the appraisal value stalled sale discussions. At the same time, the syndicate had engaged a local real estate agency and listed the property online for 140 million Yen.

Sources:
The Asahi Shimbun, September 26, 2019.
The Nishi-Nihon Shimbun, September 20, 2019.

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