Do Kwon Denied Refund of $15M Payment for Sculptura Ardmore Penthouse
The founder of Terraform Labs, Do Kwon, faced another legal setback as the Singapore High Court denied his claim to recover a $15.1 million down payment for a luxury penthouse in the prestigious Sculptura Ardmore complex. As Kwon battles legal troubles across multiple jurisdictions, this ruling adds yet another chapter to his high-profile saga.
The Luxury Penthouse That Remains Out of Reach
Situated in one of Singapore’s most iconic real estate developments, the Sculptura Ardmore penthouse embodies refined luxury. Spread across 7,600 square feet on the 19th floor, the four-bedroom property is a stunning architectural gem in the famed Singapore skyline. Kwon and his wife, before the collapse of the Terra project, entered into a 16-month lease in early 2022, with intentions to purchase the property for around $30 million.
The couple made a down payment of $15.1 million, approximately half the purchase price, and were paying a steep rent of $31,150 per month. However, due to Kwon’s legal troubles and failure to complete the transaction, the deal fell through.
Court Proceedings and the Financial Fallout
On May 17, 2023, Kwon attempted to exercise the option to purchase the apartment, requiring an additional small payment of $778. However, the transaction was never completed, and the option, alongside the lease, expired by June 2023. Despite this, Kwon’s wife continued to stay at the property beyond the expiration date, resulting in additional disputes with the developer.
In the legal battle that followed, the property developer retained the $15.1 million down payment and sought compensation for another month’s rent, as well as repair costs amounting to $70,000. While the High Court rejected the repair claims, it did award the developer the additional rent. Ultimately, the penthouse was resold for $26.87 million, further securing the developer’s financial position.
The Broader Implications for Do Kwon
This legal ruling highlights the financial and reputational challenges facing Do Kwon, who is navigating charges of securities fraud, wire fraud, and conspiracy on an international stage. Following the $40 billion collapse of the Terra ecosystem, Kwon’s legal battles have intensified, with proceedings in both the United States and South Korea adding to his woes. In August 2025, he pleaded guilty to conspiracy charges in the U.S., with sentencing expected later this year.
Luxury Real Estate Spotlight: Sculptura Ardmore
For those drawn to the world of high-end real estate, the Sculptura Ardmore apartment complex remains a beacon of opulence in Singapore. Designed to be an “iconic symbol” of the city’s skyline, the development is renowned for its blend of modern architecture and timeless luxury. Its exclusivity attracts top-tier clientele, from high-profile entrepreneurs to global investors seeking the pinnacle of urban living.
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