A billionaire Indian-Americans who helped the nation’s first black president become a multimillionaire is making $10 million for his real estate work, according to a Washington Post investigation.
The sale of the 5,200-square-foot home that had been the residence of a black family for nearly 40 years to the real estate developer of the same name for $8 million is one of the biggest deals in the nation.
Indian-American businessman Raja Chandrasekhar owns the home at the corner of Broadway and 13th streets NW in Northwest Washington.
He is the founder of the Asian American Chamber of Commerce, which is part of the American India Association.
He bought the home from the family of the late Marjorie Stoneman Douglas, who was the first woman to be elected to Congress in 1972.
Douglas died in 2016, and her estate had a $4 million asking price.
Chandrasey had planned to sell it for $6.5 million but ended up getting a much smaller offer.
He told the Post the family was not interested in selling, and the realtor said he didn’t want to speak with the family on the matter.
The family said it was a matter of respect for their history and for the history of the city.
It said it wanted the sale to happen quietly, and that it is still waiting to see if it will receive any financial compensation.
The home, which has three bedrooms, three baths and four bathrooms, is on the market for $4.2 million.
The home’s asking price is $8.7 million.
Chandrasekhari, who is the grandson of a coal miner and a member of the Diaspora Indian community, said in a statement that he did not receive compensation for his efforts in building the home.
He did not respond to emails or phone calls seeking comment.
The house, built in 1926, is owned by Chandrasec, who has lived in the neighborhood for more than 25 years.
He bought it from Douglas’ daughter, Betty Douglas, for $3.3 million.
The Diasporas, a predominantly Indian- American community in Northwest, have been in Washington for decades.
In the last two decades, they have been under increasing pressure from President Donald Trump, who made disparaging remarks about their religion and culture.
The real estate business has been booming in the Washington area.
In 2016, the average price of a single-family home was $1.4 million, according the National Association of Realtors.
The White House has said the president believes in building more homes for people of color and is seeking to expand affordable housing programs in Washington.