It turns out that President Trump, who turned a 1970s loan from his father into a multibillion-dollar fortune as a builder and real estate developer, knows something about what constitutes a good deal on property.
Trump has come under fire from critics at home and abroad since he canceled an upcoming trip to Great Britain to cut the ribbon opening the new U.S. Embassy in London.
The president tweeted that he made the move just days before the planned official visit as a protest against the decision to sell the old embassy in Mayfair “for peanuts” to relocate in a less desirable part of the capital city.
Trump attributed the decision to his predecessor, Barack Obama, which was disputed by Democrats who claimed that it had been made in the last year of the George W. Bush administration.
The president was correct that although the initial decision was made during the President George W. Bush administration, the deal was finalized by President Obama in 2009.
The old embassy was located in Mayfair, the most exclusive and wealthiest area of London, and was leased to the U.S. for 999 years in 1954.
It was sold to representatives of the Qatari royal family for “hundreds of millions less” than it was valued at by experts.
Documents from the United Kingdom Registry show that the building was sold for $431 million, far below the $687 million property experts had estimated.
The new embassy building, which has cost the U.S. $1 billion, is located in a remote area of London that property developers hope will become desirable within the next 25 to 50 years.
Trump critics in London claimed he backed out of the ceremony because he feared the widespread protests that have been threatened if the American president visits there.
Sadiq Khan, mayor of London, has gone so far as to say that Trump is not welcome in the city and recommended that Parliament and Queen Elizabeth II refuse to honor invitations issued to the president.
The Qataris have announced their intention to refurbish the old embassy into a five-star hotel at a cost of $1.4 billion.
Secretary of State Rex Tillerson will do the honors at the ribbon cutting to open the new embassy on January 23.
Do you think President Trump should make plans to go to Great Britain sometime in the next year regardless of threatened protests?
h/t: Daily Mail