Rain earns US$26 million from selling his label's building
Rain bought the building 13 years ago for $ 14.7 million and sold it for $ 43.5 million. (Photo by The Chosunilbo JNS / Imazins via Getty Images)
Rain made $ 26 million ($ 35 million) in capital gains from the sale of an office building he bought 13 years ago.
The 38-year-old South Korean singer-songwriter, dancer, actor and music producer, whose birth name Jeong Ji Hoon, is better known by his stage name Rain.
According to reports on June 21, the singer-actor who became the label owner bought the building for $ 14.7 million ($ 19.7 million) and sold it for $ 43.5 million earlier this year which brought in a profit of more than 100%.
The building is conveniently located in close proximity to Cheongdam Railway Station in the famous Cheongdam luxury district. The building also housed Rain's label, Rain Company. Rain founded two companies, first J. Tune Entertainment in 2007 and then Rain Company in 2015.
While Rain's profit is technically closer to $ 28 million, the actual profit from the sale of the building after taxes and the roughly $ 7 million he used to renovate the building is significantly reduced.
Rain's entertainment career began when he joined JYP Entertainment in 2000. He has released seven albums and toured internationally numerous times. His third album It's Raining (2004) sold a million copies in Asia and made him an international star. He later established his position as the Hallyu wave star with his role in the hit drama Full House (2004) and later starred in the Hollywood films Speed Racer (2008) and Ninja Assassin (2009).
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