Old President TrumpDonald TrumpTim Scott Raised 0.3 Million In Q3 Trump Calls For Take Back Virginia Rally To Hype Youngkin Overnight Defense & National Security is in advanced talks to sell its hotel in Washington, DC, sources told Axios.

The former president would sell the rental rights to the property to a real estate developer, who would then negotiate with the hotel companies that would manage the property, the outlet reported.

Details of the deal are not yet known, but Axios said representatives for the former president were in talks with major hotel chains. The former president would likely get less than the $ 500 million he was originally looking for for the property in 2019.

Trump declined Axios’ request for comment.

The Hill has contacted the Trump Organization for comment.

Trump leases the property on Pennsylvania Avenue to the General Services Administration under a 60-year agreement signed in 2013, according to Axios. The agency said in 2017 that the Trump Organization paid $ 250,000 per month in base rent, which was expected to rise with inflation.

The hotel on Pennsylvania Avenue became a popular destination for lobbyists and supporters during Trump’s tenure. The Trump Organization attempted to sell the building in the fall of 2019, but had to take it off the market after the pandemic.

Since then, Trump’s election defeat and the ongoing pandemic have driven profits down. The Wall Street Journal reported in late May that DC ownership is part of the Manhattan Attorney General’s investigation into the organization’s business practices.

The Washington Post reported in June that the Trump Organization hired brokerage firm Newmark Group to sell the property.