Pakistan sells historic building for $7.1m in US

WASHINGTON: A Pakistan-owned historic building in the heart of the city has been sold for $7.1 million.

The building had been vacant and ignored for decades, resulting in it being declared a blighted property over a month ago. Its tax-exempt status was withdrawn too, burdening the government of Pakistan with millions of dollars each year in taxes.

The famous R-street building, which used to be a chancery, was put up for auction late last year. In the first bidding attempt, the highest offer the building received was 6.8 million dollars, but the authorities cancelled the bid that was almost finalized.

In the second bidding round, the property was sold to Hafeez Khan, a Texas-based American-Pakistani businessman, who offered 7.1 million dollars.

The handing-over event took place here on Thursday that was attended by Pakistani Ambassador Masood Khan who announced that any speculations about selling off other Pakistani assets in the US should end. The new owner of the building thanked the PM and his cabinet for the approval of sale.