Tuesday, October 3, 2023

Pakistan Sells Historic Embassy Building in Washington in $7.1 Million

Pakistan has sold a historic building that belonged to its embassy in Washington, D.C. The building was put up for auction last year and was purchased for $7.1 million by a Pakistani businessman named Hafeez Khan.

The building, which used to serve as a chancery, had been vacant since 2003 and lost its diplomatic status in 2018. As a result, the building became subject to local government taxes, leading to an increase in its assessed value.

The authorities also downgraded the property classification of the building, further increasing the taxes based on its assessed value.

During the auction, the highest bidder offered $6.8 million for the property, but Khan successfully acquired it for $7.1 million.

The sale of the building is considered a way for Pakistan to generate revenue and alleviate its financial burden. Additionally, selling the vacant building improves the embassy’s security, as the empty property posed a potential security risk.

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