Improbable Sale

The most improbable building in the U.S. to go on the auction block was last week advertised for sale. It was Washington’s magnificent $3,500,000 Federal Reserve (Board) Building, and the District of Columbia was claiming it for nonpayment of $315,000 in taxes.

Marriner Eccles’ opulent marble and bronze mausoleum was on the block for a curious reason. The Federal Reserve has often proclaimed its independence from the U.S. Government, but in this case it claimed to be an arm of the Government (hence tax-free). By week’s end both sides thought the joke had gone far enough, agreed to arbitrate the dispute.