Do Kwon, co-founder of the failed Terraform Labs, had his claim for about 50% of a Sculptura Ardmore penthouse payment rejected by Singapore’s High Court, Lianhe Zaobao reported on Wednesday, Sep 3.
The court ruled against his challenge to the forfeiture of roughly S$19.4 million ($24.89 million) he paid toward the S$38.8 million ($28.72 million) unit, with the application dismissed on Jul 26.
How the deal unfolded?
Five months before the TerraUSD and Luna collapse in 2022, Kwon chose a 7,600 square foot duplex on the 19th floor of Sculptura Ardmore. The unit is a four-bedroom penthouse and one of only 3 penthouses in the development.
Kwon paid about S$19.4 million ($24.89 million) in option fees and later payments; however, he did not finish the purchase. The developer later resold the apartment for S$34.5 million ($26.89 million).
Developer’s position and court outcome
SC Global, the developer behind Sculptura Ardmore, is said to have kept the money Kwon paid after the sale did not close. Kwon argued the forfeiture was invalid, and he launched a claim through his wife in the Singapore High Court.
The court dismissed that claim on Jul 26, according to the documents reviewed by Lianhe Zaobao.
Also Read: US Prosecutors Assert Do Kwon’s Case Will Proceed Unaffected Despite DOJ’s Shift in Crypto Laws
Lease and renovations
Kwon and his wife also signed a 16-month lease on the penthouse from February 2022 to Jun 2023.
The rent was S$40,000 ($31177) per month and they paid S$640,000 ($498844) in advance. During that time, they carried out extensive renovations to the apartment.
Background on Sculptura Ardmore
Sculptura Ardmore was launched by SC Global in 2012 and completed in 2014. The project sits in a high-end part of town and has attracted wealthy buyers.
In 2017, Meta co-founder Eduardo Saverin bought a penthouse in the same development for S$60 million ($46.77 million). That sale set a new price benchmark for luxury homes in the area.
Legal and criminal context
We reported Kwon, 33, pleaded guilty in New York on Aug 13 to 2 counts of conspiracy to defraud and wire fraud. His plea came before U.S. District Judge Paul Engelmayer. Prosecutors say Kwon misled investors about the stability of TerraUSD, a stablecoin meant to stay at US$1.
Kwon’s interest in the penthouse began shortly before the collapse of TerraUSD and Luna in 2022. The payments he made totalled nearly half the asking price, and after he failed to complete the purchase, the unit changed hands for less than the original price. The loss of funds and the resale figure helped shape the dispute that reached the High Court.
What the ruling means?
The court’s dismissal leaves the developer in control of the forfeited sums. It also closes Kwon’s route to reclaim that specific portion of the purchase price.
The ruling does not affect separate criminal proceedings in the United States, where Kwon has already entered guilty pleas.
Broader implications
The case highlights how financial and legal troubles can reach into personal assets and property deals. It also shows the speed with which a failed crypto project can ripple through contracts and investments. Buyers and sellers tied to crypto ventures may now face closer scrutiny in property transactions.
Kwon’s civil options on this matter appear limited after the Jul 26 dismissal. Any further legal moves would need fresh grounds or a change in circumstances.
Also Read: Terraform Co-Founder Do Kwon May Plead Guilty In U.S. Fraud Case Over $40B TerraUSD Collapse