Explainer - Was the sale of the U.S. embassy in London a 'bad deal' done for peanuts?

FILE PHOTO - U.S. flags are projected on the facade of the U.S. Embassy, during the U.S. Presidential election in London, November 8, 2016. REUTERS/Hannah McKay

LONDON (Reuters) - U.S. President Donald Trump cancelled a trip to London scheduled for next month to open a new embassy, blaming Barack Obama for selling off the old one for "peanuts" in a bad deal.

The American flag was this month removed from the U.S. embassy in Grosvenor Square as part of the move to a location on the South Bank in a $1 billion (£733 million) construction project.