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Failed Auction Myanmar Junta's Bid to Sell Suu Kyi's Mansion Flops Again

In a frustrating turn of events, Myanmar's military junta has failed for the third time to auction off Aung San Suu Kyi's historic lakeside mansion in Yangon. The property, with its significant cultural and historical value, was put up for sale with a minimum price tag of $140 million.

A Long-Standing Dispute

The dispute surrounding Suu Kyi's mansion dates back to the 1990s, when her brother filed a lawsuit claiming ownership of the property. With Suu Kyi detained since the military seized power in February 2021, it remains unclear who would be able to purchase the property at such an exorbitant price.

The Auction Falls Flat

On Wednesday, a small group of journalists gathered outside the mansion on University Avenue to witness the auction. Security personnel kept a watchful eye over the proceedings as the auctioneer called for bids starting from 297 billion kyats – equivalent to around $140 million at the official exchange rate. Despite the high price tag, no one submitted a bid, leaving the auctioneer with little choice but to call off the sale.

A Puzzling Puzzle

This is not the first time the auction has failed; similar attempts were made in March and August last year. With Myanmar's economy still reeling from the civil war triggered by the military coup, it is unclear who would be able to afford a property of this magnitude. Real estate agents suggest that similar-sized properties in upmarket Yangon areas might fetch $1 million to $2 million – a far cry from the $140 million minimum price tag.

The Significance of Suu Kyi's Mansion

Suu Kyi's lakeside mansion holds a special place in Myanmar history. The property was where she spent around 15 years under house arrest, isolated from her husband and children in England. During this time, she continued to play the piano, read detective novels, and meditate as her status as a democracy leader grew.

A Symbol of Democracy

The mansion also served as a symbol of democracy, with hundreds of people gathering outside its walls to hear Suu Kyi speak about fighting military rule through non-violence. After her release in 2010, she continued to live in the villa, receiving foreign leaders and journalists.

Current Status

Suu Kyi is currently serving a 27-year prison sentence on charges ranging from corruption to not respecting Covid-19 pandemic restrictions – charges that rights groups say are a sham designed to eliminate her politically. Despite the failed auction, it remains unclear what will become of Suu Kyi's lakeside mansion and its significance in Myanmar history.

Conclusion

The failure of the third auction highlights the complexities surrounding Suu Kyi's property and the challenges facing Myanmar's economy. As the country continues to navigate its current political crisis, it is clear that the fate of this iconic property will remain a topic of significant interest and debate.

I made the following changes

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Grammar I checked for grammar errors and corrected them as necessary.
Readability I broke up long paragraphs into shorter ones to improve readability. I also added headings to help organize the content.
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Edward Lance Arellano Lorilla

CEO / Co-Founder

Enjoy the little things in life. For one day, you may look back and realize they were the big things. Many of life's failures are people who did not realize how close they were to success when they gave up.