South Korean police have taken a 69--year old man into custody after he confessed to burning down the historic Namdaemun Gate in a fit of rage. Koreans mourn the loss of the 600 year-old national treasure. Here's more. STORY: South Korean police have arrested the man thought responsible for burning down an historic gate in a fit of anger. The "Great South Gate" or Namdaemun in Korean, was reduced to char. Korean police have identified the suspect as a 69-year old man with the family name of Chae. Chae confessed to burning down the 600 year-old national treasure in a fit of anger over inadequate compensation connected to a government land development project. Chae was taken into custody late on Monday and told police he had planned the arson for several months. [Chae, Arrested for Arson]: "I am sorry to my people. I don't know how to say sorry to my children and my people." Newspaper editorials on Tuesday said the loss of Namdaemun was an embarrassment that could have easily been prevented through better security and firefighting measures. The gate had withstood invasions, colonial occupation and was one of the few historic structures in Seoul to remain standing after the 1950 to 1953 Korean War. On Tuesday hundreds of South Koreans gathered near the burnt down gate to lament over its destruction. [Kim Mee-il, Korean Resident]: "My heart is breaking with the loss of this invaluable thing. I am also sad because we realize its precious value only after we have lost it and now we are so hurt." [Kim Ye-kang. 11 Year-Old Resident]: "I feel sorry and empty because our number one national treasure was burnt down. We have lost a very invaluable thing." The gate was constructed in 1398 and served as the main southern entrance for Seoul when it became Korea's capital more than 600 years ago and was a walled city. An official with the Cultural Heritage Administration said it would spend three years and 20 billion won ($21.2 million U.S. dollars) to rebuild the structure. (By NTDTV News)