A real estate property is expected to generate net operating income (NOI) of $50,000 in the first year of ownership. The property has a market value of $1,000,000 and a required rate of return of 10%. The investor plans to hold the property for 5 years and then sell it for $1,500,000. If the investor expects the property's NOI to grow at a rate of 3% per year and the selling expenses are estimated to be 5% of the sale price, what is the estimated value of the property today?