After the destruction of his museum by fire, Barnum determined to open another and still finer establishment. It would not be on the old site, however, but further up town. The unexpired lease of the two lots at Ann Street and Broadway he proposed to sell; and he quickly had numerous offers for it. This lease still had about eleven years to run, and the annual rental was only $10,000; and there was a provision that, in case of the burning of the building, the owner was to spend $24,000 in aiding Barnum to rebuild, and then, at the expiration of the lease, was to pay Barnum the appraised value of the building, not exceeding $100,000. This lease had seemed extravagant when Barnum had made it, but the great growth of the city had so increased the value of property in that vicinity, that now the rental of $10,000 seemed ridiculously small. An experienced real estate broker, whom Barnum engaged for the purpose, estimated the value of the lease at $275,000. Barnum was so anxious, however, to get the matter settled at once that he decided to offer the lease for sale at $225,000. The next day he met James Gordon Bennett, the elder, the owner of the New York Herald. Mr. Bennett told him that he thought of buying both the lease and the fee simple of the property itself, and erecting there a fine building for his great newspaper. Barnum therefore, offered him the lease for $200,000, and after a few day's consideration Mr. Bennett accepted the offer. His attorney thereupon handed to Mr. Barnum a check on the Chemical Bank for $200,000, which Barnum immediately used in the purchase of Government Bonds. Mr. Bennett had agreed to purchase the fee of the property for $500,000. He had been informed that the property was worth some $300,000 to $400,000, and he did not mind paying $100,000 extra for the purpose of carrying out his plans. But the parties who estimated for him the value of the land knew nothing of the fact that there was a lease upon the property, else of course they would in their estimate have deducted the $200,000, which the lease would cost. When, therefore, Mr. Bennett saw it stated in the newspapers that the sum which he had paid for a piece of land measuring only fifty-six by one hundred feet was more than was ever paid before in any city in the world for a tract of that size, he discovered the serious oversight which he had made; and the owner of the property was immediately informed that Bennett would not take it. But Bennett had already signed a bond to the owner, agreeing to pay $100,000 cash, and to mortgage the premises for the remaining $400,000. Supposing that by this step he had shaken off the owner of the fee, Bennett was not long in seeing that, as he was not to own the land, he would have no possible use for the lease, for which he had paid the $200,000; and accordingly his next step was to shake Barnum off also, and get back the money he had paid him.