Pakistan has successfully sold a historic building that once served as its embassy in Washington, D.C. The building was placed on auction last year and was purchased for $7.1 million by a Pakistani businessman named Hafeez Khan.
Formerly functioning as a chancery, the building had remained unoccupied since 2003 and lost its diplomatic status in 2018. Consequently, the property became subject to local government taxes, resulting in an increase in its assessed value.
Furthermore, the authorities downgraded the building’s property classification, leading to additional taxes based on the revised assessment.
During the auction, the highest bid initially stood at $6.8 million, but Khan successfully acquired the property for $7.1 million.
The sale of this building is viewed as a means for Pakistan to generate revenue and alleviate its financial burden. Moreover, by selling the vacant building, the embassy enhances its security measures, as the empty property posed a potential security risk.