TRUMP IS FURIOUS!
President Trump has had the unenviable job of undoing a lot of things that his predecessor did while in office. The new Commander-in-Chief couldn’t be more different than the former President in almost every way. One of the most significant differences is that President Trump has business experience, whereas Obama’s main credential in the real world was something he called “community organizer.” That left Obama with a few gaps in his resume regarding money and business and management.
Thankfully, President Trump ran his brilliant campaign on a platform of common sense accounting and making our priority America First! This is the action that would make us thrive again. You can tell by the stock market and unemployment rates that America is going in a great direction. Obama’s policies were fundamentally killing the free market and the government’s budget. Because of Obama’s misuse of funds, President Trump has had the vast job of repealing the economically stunting decisions and repairing the damage.
According to a new report, one of the most recent decisions that the President isn’t very fond of is Obama’s decision to buy a shiny new embassy building in London. The former President was more concerned that the United States look affluent to other countries, than that we have the economic health to afford the extravagant new purchases. The publication Daily Mail gives the local perspective of what the President considers to be a terrible business move that comes with a price tag of around $1 billion:
“As a New York real estate mogul and high-end hotel owner, Donald Trump should be speaking from a position of experience when he calls the new US Embassy in London a ‘bad deal’.
The President claimed just before midnight on Thursday in Washington D..C. on Twitter that the reason he cancelled his trip to London to open the new embassy is because ‘the Obama Administration sold perhaps the best located and finest embassy in London for ‘peanuts,’ only to build a new one in an off location for 1.2 billion dollars. Bad deal.’
At a cost of £750m ($1bn) the new embassy near Battersea is significantly higher more expensive than the £500m ($680m) it is thought the old embassy in Mayfair was sold for.
Standing in London’s Grosvenor Square, in the heart of Mayfair, itself the wealthiest part of the city, the old embassy was bought by Qatari Diar – the property development arm of the Qatari royal family – for an undisclosed sum in 2009.
At the time, experts had valued the site at £500m.
It may never be known how much it was actually sold for because the US sold the lease not the land.
English property law means that the Duke of Westminster, one of the UK’s wealthiest men, owns the land underneath.
The current duke’s great uncle, the 4th Duke of Westminster, sold the US government a 999-year lease on the land where the former embassy, which opened in 1960 stands.
Because the US government has not sold the actual land, but the remainder of the 999-year lease, the details of how much it received from Qatari Diar have never been disclosed in UK public records.
Shortly before the sale, the old embassy was given Grade II listed status, which in UK law makes it virtually impossible to significantly alter it.
That means any developer is restricted on what they can do to maximise value from the site but knocking down the building and starting again.
The Qataris will now spend $1.4bn (£1.08bn) to refurbish the building and turn it into a five-star Rosewood hotel with 137 bedrooms.
The new embassy is much further from the attractions of central London in a former working-class area called Nine Elms.
When it was purchased, the prime consideration was security after a dramatic overhaul of US embassy protection around the world.
The Nine Elms site was large and relatively cheap, but the building itself is vast, heavily protected and designed to be future proof. The total cost was £750 million – $1 billion.
Christian Warman, director of central London estate agency Tedworth Property, said that [the] US may have ‘sold the family silver’ when it comes to leaving the site in Grosvenor Square for the Nine Elms site criticised by President Trump – but that they had sold high and bought low.
‘Grosvenor Square is one of London’s finest addresses and the embassy was very prominent and hugely well connected to businesses and professionals who live and work in the area,’ Mr. Warman told MailOnline.”
It’s like when an individual buys a new home, and it’s not an inherently wrong move if you have the money. Sadly, the United States isn’t in any condition to upgrade an Embassy when we’re swimming in debt and hemorrhaging money thanks to Obama. But all the blame can’t be put on him. People who voted for him elected a junior Senator from a gang-ravaged city with no real world experience to run the country.
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