Seems the Westminsters had said that the only thing they would sell it [the freehold] for was the return of land confiscated during/after the American WoI – which is largely symbolic as it was never going to be returned – so it was a way of saying “We’re not selling it to you.”
The Americans couldn’t upgrade the existing building to desired standards by retro-fit so they raised money for the new site by selling off other properties they owned in London as well as the lease for the Grosvenor Sq site. The Westminsters still own the freehold.
And of course, nothing has changed between him agreeing to come and now – so when he said he’d cut the ribbon, the deal was as “bad” then as it is now (although I don’t know what made the deal “bad” – does anyone know the figures and why he thinks it’s “bad”?). We all know why he’s not coming (for now anyway). His ego couldn’t handle the prospect of what lay in wait.
I’m sure he’ll come when his approval ratings have improved significantly.