Good news for the Kennedy family which has agreed to sell the Chicago and Washington real estate that was one of the foundations of the fortune built by its patriarch Joseph P. Kennedy.

A New Jersey company, Vornado Realty Trust, is to pay $625 million (£446 million) for the property, which includes the massive Chicago Merchandise Mart and its sister Apparel Center as well as the Washington Design Center and the adjoining Washington Office Center.

The sale will provide Joe Kennedy's approximately 50 living heirs with more cash and more financial flexibility.