The sale of former President Ronald Reagan’s former White House to an Asian consortium is about to take a new turn, as the new owners try to secure a $400 million loan to complete renovations and other projects.
The deal is subject to regulatory approval and could be completed as early as the end of March, according a person familiar with the matter.
The Trump Organization did not immediately respond to a request for comment.
Regan’s administration had been trying to sell the White House since it closed its doors for more than a decade in November 2013, after Reagan left office in January 2019.
Rebsky Companies and its owner, New York real estate firm Regan Properties, have agreed to take over the property from the Trump Organization.
The former president’s estate has been on the market for more a year, and its auction had been scheduled for Feb. 11.
The sale has been criticized by some as a publicity stunt by Rebski’s owners.
Reggae legend and New Orleans native Reggaeton musician Reggazeal Williams, who co-owns Reggabeat with his wife, was the first to sell his home for $3.3 million at the White Houses auction in January.
He has also been vocal about the WhiteHouse’s importance, including recently telling his audience that “It’s a symbol of what America was and what we are today.”
Regan bought the former president for $25.5 million in 2009.
The purchase price was significantly higher than Regan had paid for the property in 2008, when he bought the house from a group of private investors for $10.9 million.
Williams said in a 2016 interview with Rolling Stone that the Whitehouse’s renovation was done to honor Reagan’s legacy and to showcase the city’s growing cultural significance.
“When we opened it, we didn’t have a lot of money,” he said.
“It was kind of like a family vacation.
It’s like a place for family.”