A property is sold for $5,000,000 with selling costs of 3% of the sales price. The mortgage balance at the time of sale is $3,600,000. The property was purchased 8 years ago for $4,000,000. Annual depreciation allowances of $153,016 per year have been taken. Assume an 18% capital gains tax rate and a 25% depreciation recapture tax rate. (To clarify, the total holding period is 8 years).

What is the after-tax cash flow from the sale of the property?