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The Plaza Hotel is heading to the auction block: VIDEO

Billionaire brothers David and Simon Reuben are reportedly foreclosing on the legendary property

After purchasing the $800 million mortgage for debt on The Plaza Hotel (along with two other properties) last year, billionaire brothers Simon and David Reuben are already moving on.

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According to Bloomberg, an auction will be held next month, in which the hotel rooms, restaurants and retail space will be up for sale, along with another luxury property, the Dream Downtown Hotel. The reported foreclosure auction is expected to take place on April 26, and is predicted to fetch more than $1 billion according to industry insiders.

Watch the video above for more on some of landmarked hotel’s recent owners.

For more videos, visit The Real Deal’s YouTube page.