Gary sold his principal residence in Shaw Boulevard. The fair market was P24 million. He bought his old residence for P8 million. Gary paid capital gains tax (CGT) of P288,000 to the BIR as he was able to claim partial CGT exemption when he acquired a new principal residence within 18 calendar months for P16 million. How much is the selling price of the old principal residence?

P16,000,000

P8,000,000

P20,000,000

P24,000,000