Court Rules Against Kwon: Luxury Penthouse Deposit Lost in Legal Lapse

Singapore High Court Rejects Do Kwon’s Penthouse Refund Claim

The Singapore High Court has dismissed Do Kwon’s legal claim seeking the return of a S$19.4 million deposit paid for a penthouse at Sculptura Ardmore, a high-end residential development on Orchard Road [2]. The amount, nearly half of the property’s total S$38.8 million purchase price, was paid through Kwon’s wife in early 2022, months before the collapse of the TerraUSD and Luna cryptocurrencies. The developer retained the deposit after the transaction was not finalized and eventually resold the unit for S$34.5 million [2].

Kwon had attempted to exercise the purchase option through a S$1,000 payment on May 17, 2023, but the sale was not completed by the May 31 deadline. The lease and purchase option lapsed on June 22, 2023. The High Court ruled that Kwon could not recover the deposit but ordered him and his wife to pay an additional month’s rent for their 16-month lease, which began in February 2022 [2].

The disputed property is a 7,600-square-foot duplex on the 19th floor, one of only three penthouses in the Sculptura Ardmore development, launched in 2012 [2]. During their lease, Kwon and his wife paid S$640,000 upfront and continued to occupy the unit until July 25, 2023, one month after the lease expired. However, the developer’s claim for S$90,000 in repair costs was rejected [2].

This ruling adds to Kwon’s mounting legal difficulties. The Terra-Luna collapse in 2022 wiped out an estimated $40 billion in investor wealth, prompting legal action from U.S. authorities. He was indicted on nine charges in 2023 and pled guilty to conspiracy and wire fraud on August 12, 2025. As part of the plea agreement, Kwon agreed to forfeit $19.3 million and several properties, with sentencing scheduled for December 11 [2].

The High Court’s decision underscores the legal and financial consequences of Kwon’s actions, particularly in the context of uncompleted property transactions and broader regulatory scrutiny. The case illustrates the risks associated with high-value real estate investments and the importance of fulfilling contractual obligations within specified timeframes [2].

The ongoing legal proceedings reflect the broader regulatory focus on accountability in the digital asset sector, with significant implications for investors, developers, and the legal frameworks governing such transactions. Kwon’s inability to recover the deposit and the property’s subsequent resale highlight the complexities of property law and the challenges of enforcing claims in cases involving high-profile individuals and digital currency controversies [2].

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[2] Terraform Labs' Do Kwon Fails in $14.2M Property Lawsuit (https://coinedition.com/do-kwon-loses-legal-battle-over-14-2m-singapore-penthouse-deposit/)

[3] title3 (url3)