Historic building held in the city’s center has been sold for $7.1M.
The Historic building was deemed a blighted property more than a month ago because it had lain empty and neglected for decades.
Additionally, its tax-exempt status was taken away, costing the Pakistani government millions of dollars in annual taxes.
The renowned R-street structure, which had housed a chancery, was auctioned off towards the end of the previous year.
The highest bid for the building during the initial bidding process was 6.8 million dollars, however, the authorities canceled the nearly-accepted deal.
Hafeez Khan, an American-Pakistani businessman with headquarters in Texas, won the bid to purchase the property in the second round with an offer of $7.1 million.
Masood Khan, the Pakistani ambassador, attended the handing-over ceremony on Thursday and made the announcement that any rumors of the sale of other Pakistani properties in the US should be put to rest.
The building’s new owner congratulated the prime minister and his cabinet for approving the sale.
