Pakistan Sells Historic Embassy Building in Washington. A historic structure that belonged to Pakistan’s embassy in Washington, D.C., has been sold.
A Pakistani businessman named Hafeez Khan paid $7.1 million for the structure after it was auctioned off last year.
The former chancery had been abandoned since 2003, and in 2018 it lost its diplomatic status. As a result, the building’s assessed value increased and it was taxed by the local government.
The building’s property classification was downgraded by the authorities, which resulted in an increase in taxes based on its assessed value.
Khan won the property at auction for $7.1 million, outbidding the highest bidder who put in $6.8 million.
Pakistan is thought to be able to generate income and lessen its financial burden by selling the building. Selling the empty building also increases security at the embassy because it was a potential security risk.