The Newseum, a nearly decade-old institution currently based in Washington, D.C., is contemplating making a deal with the biggest asset its got: its building, which was appraised for almost $670 million in 2014.
The museum is officially in talks with the brokerage Eastdil Secured, reported the Washington Post, about selling the 470,000-square-foot mixed-use building, which also contains apartments and a restaurant.
Officially founded in 1997, the Newseum as most know it opened in D.C. in 2008. Since then, the institution has posted annual deficits every year, with the 2016 deficit totaling up to $8.2 million. The Newseum’s main benefactor has a $300 million debt burden, and sales prices aren’t likely to help ease its position; entrance already costs $25 per person, one of the highest ticket prices in a city full of free museums.
“It’s a slow-motion disaster,” said an unnamed person to the Post who is knowledgeable about the Newseum’s finances and internal processes. [WP] — Erin Hudson