Budapest Post

Cum Deo pro Patria et Libertate
Budapest, Europe and world news

Vatican sells luxury London building at heart of fraud trial

Vatican sells luxury London building at heart of fraud trial

The Vatican’s purchase of the building in London’s Chelsea neighbourhood has been one of the blackest marks on the Vatican’s finances in recent years.
The Vatican said on Friday that it has signed a contract to sell a luxury London building that is at the heart of a fraud and embezzlement trial under way in the Vatican’s criminal tribunal, recovering more than it expected from the loss-making investment.

The Vatican’s economy ministry also revealed, in releasing the Holy See’s budget for 2022, that 10 percent of the deposit has been received and the sale is expected to be concluded in June. The budget foresees a narrowing of the Holy See’s deficit to 33 million euros ($37m) from 42 million euros ($47m) last year.

The head of the ministry, Father Juan Antonio Guerrero Alves, told Vatican media that the loss from the London building had already been accounted for in the Holy See’s balance sheets. No figures were given, including on the final sale price of the property, but Guerrero said it had sold for more than its appraisal price.

The Vatican’s purchase of the building, located at 60 Sloan Ave in London’s Chelsea neighbourhood, has been one of the blackest marks on the Vatican’s finances in recent years. The Secretariat of State poured some 350 million euros ($391m) into the investment, much of it donations from the faithful, for a building that its previous owner had purchased for 129 million British pounds ($173m) — less than half the sum invested.

The scandal exposed the incompetence of the Vatican’s monsignors in managing its coffers, since they signed away voting shares in the deal and agreed to pay exorbitant fees needlessly to Italians who were known in business circles for their shady dealings.

Vatican prosecutors have accused the Holy See’s longtime money manager, Italian brokers and lawyers of fleecing the Holy See in the various contortions of the deal and of then extorting the Vatican of 15 million euros ($17m) to finally get full ownership of the property, a former Harrods warehouse.

Pope Francis had announced his intention to get rid of the property in 2020 when he ordered the Secretariat of State to hand over all its remaining assets to a centralised Vatican treasury, since the London fiasco proved how poorly the office’s monsignors had managed the financial portfolio.

That reputational blow, combined with the coronavirus pandemic, has impacted the Vatican’s bottom line since much of the funding for the original London investment came from the Peter’s Pence donations from the faithful that are destined for the pope’s charitable works and the upkeep of the Holy See.

In the budget estimates, Guerrero said Peter’s Pence donations have continued to decline for several years, as much as 15 percent last year, due in part to the pandemic reducing attendance at mass, when the collections are usually made.

“This should make us think about other methods of soliciting the help of the faithful and receiving donations,” he told Vatican media.

The Vatican’s 2022 budget is swelling from 300 million euros ($335m) last year to 800 million euros ($893m) in 2022 because new accounting parameters incorporate big-ticket Vatican-owned entities, including the Bambino Gesu pediatric hospital in Rome, one of Europe’s biggest.
AI Disclaimer: An advanced artificial intelligence (AI) system generated the content of this page on its own. This innovative technology conducts extensive research from a variety of reliable sources, performs rigorous fact-checking and verification, cleans up and balances biased or manipulated content, and presents a minimal factual summary that is just enough yet essential for you to function as an informed and educated citizen. Please keep in mind, however, that this system is an evolving technology, and as a result, the article may contain accidental inaccuracies or errors. We urge you to help us improve our site by reporting any inaccuracies you find using the "Contact Us" link at the bottom of this page. Your helpful feedback helps us improve our system and deliver more precise content. When you find an article of interest here, please look for the full and extensive coverage of this topic in traditional news sources, as they are written by professional journalists that we try to support, not replace. We appreciate your understanding and assistance.
Newsletter

Related Articles

0:00
0:00
Close
16 Billion Login Credentials Leaked in Unprecedented Cybersecurity Breach
Senate hearing on who was 'really running' Biden White House kicks off
Hungary Ranked Among the World’s Safest Travel Destinations for 2025
G7 Leaders Fail to Reach Consensus on Key Global Issues
FBI and Senate Investigate Allegations of Chinese Plot to Influence the 2020 Election in Biden’s Favor Using Fake U.S. Driver’s Licenses
Trump Demands Iran's Unconditional Surrender Amid Escalating Conflict
Shock Within Iran’s Leadership: Khamenei’s Failed Plan to Launch 1,000 Missiles Against Israel
Wreck of $17 Billion San José Galleon Identified Off Colombia After 300 Years
Man Convicted of Fraud After Booking Over 120 Free Flights Posing as Flight Attendant
Iran Launches Extensive Missile Attack on Israel Following Israeli Strikes on Nuclear Sites
Beata Thunberg Rebrands as Beata Ernman Amidst Sister's Activism Controversy
Hungarian Parliament Approves Citizenship Suspension Law
Prime Minister Orbán Criticizes EU's Ukraine Accession Plans
Hungarian Delicacies Introduced to Japanese Market
Hungary's Industrial Output Rises Amid Battery Sector Slump
President Sulyok Celebrates 15 Years of Hungarian Unity Efforts
Hungary's Szeleczki Shines at World Judo Championships
Visegrád Construction Trends Diverge as Hungary Lags
Hungary Hosts National Quantum Technology Workshop
Hungarian Animation Featured at Annecy Festival
Israel Issues Ultimatum to Iran Over Potential Retaliation and Nuclear Facilities
UK and EU Reach New Economic Agreement
Coinbase CEO Warns Bitcoin Could Supplant US Dollar Amid Mounting National Debt
Trump to Iran: Make a Deal — Sign or Die
Operation "Like a Lion": Israel Strikes Iran in Unprecedented Offensive
Israel Launches 'Operation Rising Lion' Targeting Iranian Nuclear and Military Sites
UK and EU Reach Agreement on Gibraltar's Schengen Integration
Israeli Finance Minister Imposes Banking Penalties on Palestinians
U.S. Inflation Rises to 2.4% in May Amid Trade Tensions
Trump's Policies Prompt Decline in Chinese Student Enrollment in U.S.
Global Oceans Near Record Temperatures as CO₂ Levels Climb
Trump Announces U.S.-China Trade Deal Covering Rare Earths
Smuggled U.S. Fuel Funds Mexican Cartels Amid Crackdown
Austrian School Shooting Leaves Nine Dead in Graz
Bezos's Lavish Venice Wedding Sparks Local Protests
Europe Prepares for Historic Lunar Rover Landing
Italian Parents Seek Therapy Amid Lengthy School Holidays
British Fishing Vessel Seized by France Fined €30,000
Dutch Government Collapses Amid Migration Policy Dispute
UK Commits to 3.5% GDP Defence Spending Under NATO Pressure
Germany Moves to Expedite Migrant Deportations
US Urges UK to Raise Defence Spending to 5% of GDP
Israeli Forces Intercept Gaza-Bound Aid Vessel Carrying Greta Thunberg
IMF Warns of Severe Global Trade War Impacts on Emerging Markets
Low Turnout Jeopardizes Italy's Citizenship Reform Referendum
Transatlantic Interest Rate Divergence Widens as Trump Pressures Powell
EU Lawmaker Calls for Broader Exemptions in Supply Chain Legislation
France's Defense Spending Plans Threatened by High National Debt
European Small-Cap Stocks Outperform U.S. Rivals Amid Growth Revival
Switzerland Proposes $26 Billion Capital Increase for UBS
×