An auction to sell off a New York hotel owned mostly by 1MDB-linked business person Jho Low failed to attract any substantial bids.

The New York Times, citing sources, reported there were no bids for the Park Lane hotel in Midtown Manhattan "or at least none that came anywhere near the US$1 billion the seller was looking for."

The Park Lane Hotel was put on sale after the US Department of Justice (DOJ) filed civil forfeiture suits to seize over US$1.7 billion in assets, including the hotel, that were allegedly purchased using funds siphoned from 1MDB.

Jho Low had bought a 55 percent stake in the 47-tower property.

His co-owners, including developer Steven Witkoff, and Saudi's Mubadala Investment Company, had come to an agreement to sell the building and split the earnings, with the US government taking Jho Low's share...