US District Court Judge Dale Fischer has given the green light to a plan by the Department of Justice (DoJ) and New York developer Steven Witkoff to sell off the Park Lane Hotel, finews.asia reported.
Low, better known as Jho Low, has been fighting to prevent his stable of luxury assets from being seized by US officials, according to the report which quoted The Wall Street Journal (WSJ).
These include a US$107 million interest in EMI Music Publishing, a US$30 million penthouse at Time Warner Centre in New York and a US$35 million Bombardier Jet, seized by Singapore earlier this month, and the hotel.
The plan to sell off the hotel was part of a cooperation agreement between Witkoff and the US government to stabilise the financially troubled property, as well as remove Low from the group that owned it, the report said.
A group of investors led by Witkoff, including Low, had purchased the hotel in 2013 for US$654 million. Low had provided most of the equity for the acquisition, according to the WSJ.
The DoJ has alleged that Low had used fraudulent proceeds to purchase his 55% stake in Park Lane Hotel.
The report said Low dropped out of sight nearly two years ago after a billion-dollar graft scandal surfaced into the public domain.
Following investigations, Singapore authorities asked two banks to close their units in the republic for their role in the illegal transactions of money linked to 1MDB. They also sanctioned several other banks over the same matter.
The DoJ in July 2016 alleged that more than US$1 billion in US assets had been bought with money stolen from 1MDB. It filed suits to seize these assets.