The financially strapped Corcoran Gallery of Art, Washington, D.C.’s oldest private art museum, is mulling the sale of its landmark building across the street from the White House, says The Washington Post.

The Corcoran’s board voted Monday to authorize shopping the 115-year-old Beaux Arts building and seeking a new location in Washington or its Maryland and Virginia suburbs.

The Corcoran is chronically underfunded and ran a $7.2-million deficit in the 2010-11 fiscal year, according to the Post. Museum officials said the current site is far too small for the Corcoran’s collection and its affiliated art and design school, and would cost $130-million to refit to modern museum standards.

“We have been focusing on putting the Corcoran on a long-term, sustainable path,” board chair Harry Hopper III said. “One of the clear options for us to consider is relocating to a purpose-built, technologically advanced, flexible, multipurpose facility.”