Beautiful Virgin Islands

Tuesday, Jul 15, 2025

Easy come easy go: Vatican To Lose 100 Million Pounds In London Building Sale: Report

Easy come easy go: Vatican To Lose 100 Million Pounds In London Building Sale: Report

Pope Francis has vowed to bring more transparency to the Vatican's financial dealings in the wake of the opaque, money-losing investment dating from 2013 -- which spurred an investigation and allegations of fraud.
The Vatican stands to lose 100 million pounds in charity donations with the sale of a London luxury building at the centre of a financial scandal, a report said Monday.

The Financial Times reported, citing unnamed sources, that the Vatican was in the final stages of selling the Knightsbridge building to private equity group Bain Capital for approximately 200 million pounds (233 million euros, $270 million).

That is approximately 100 million pounds less than the investment of about 350 million euros the Vatican made in the building beginning in 2014.

The Vatican declined to comment.

Pope Francis has vowed to bring more transparency to the Vatican's financial dealings in the wake of the opaque, money-losing investment dating from 2013 -- which spurred an investigation and allegations of fraud.

The scandal has been especially embarrassing since the invested funds came from Peter's Pence, money donated by churchgoers for the pope's charities.

A once powerful cardinal, Angelo Becciu -- the former right-hand man to the pope -- and nine other defendants are currently on trial at the Vatican for financial crimes related to the deal.

Prosecutors have painted a picture of risky investments with little or no oversight, and double-dealing by outside consultants and insiders trusted with the financial interests of the Secretariat of State, the Vatican's most important department charged with general affairs and diplomacy.

The current case dates back nearly a decade when the Secretariat borrowed more than $200 million to invest in a Luxembourg fund managed by an Italian-Swiss businessman, who prosecutors say used the money to invest in high-risk ventures over which the Church had no control.

After losing millions by 2018, the Secretariat tried to pull out of the deal, but the broker hired to cut ties with the fund manager is accused of instead joining forces with him.

The Vatican has a sizeable real estate portfolio, with figures released in July showing it owns 4,051 properties in Italy and another 1,120 in London, Paris, Geneva and Lausanne.
Newsletter

Related Articles

Beautiful Virgin Islands
0:00
0:00
Close
Ghislaine Maxwell Says She’s Ready to Testify Before Congress on Epstein’s Criminal Empire
Bal des Pompiers: A Celebration of Community and Firefighter Culture in France
FBI Chief Kash Patel Denies Resignation Speculations Amid Epstein List Controversy
Air India Pilot’s Mental Health Records Under Scrutiny
Google Secures Windsurf AI Coding Team in $2.4 Billion Licence Deal
Jamie Dimon Warns Europe Is Losing Global Competitiveness and Flags Market Complacency
South African Police Minister Suspended Amid Organised Crime Allegations
Nvidia CEO Claims Chinese Military Reluctance to Use US AI Technology
Hong Kong Advances Digital Asset Strategy to Address Economic Challenges
Australia Rules Out Pre‑commitment of Troops, Reinforces Defence Posture Amid US‑China Tensions
Martha Wells Says Humanity Still Far from True Artificial Intelligence
Nvidia Becomes World’s First Four‑Trillion‑Dollar Company Amid AI Boom
U.S. Resumes Deportations to Third Countries After Supreme Court Ruling
Excavation Begins at Site of Mass Grave for Children at Former Irish Institution
Iranian President Reportedly Injured During Israeli Strike on Secret Facility
EU Delays Retaliatory Tariffs Amid New U.S. Threats on Imports
Trump Defends Attorney General Pam Bondi Amid Epstein Memo Backlash
Renault Shares Drop as CEO Luca de Meo Announces Departure Amid Reports of Move to Kering
Senior Aides for King Charles and Prince Harry Hold Secret Peace Summit
Anti‑Semitism ‘Normalised’ in Middle‑Class Britain, Says Commission Co‑Chair
King Charles Meets David Beckham at Chelsea Flower Show
If the Department is Really About Justice: Ghislaine Maxwell Should Be Freed Now
NYC Candidate Zohran Mamdani’s ‘Antifada’ Remarks Spark National Debate on Political Language and Economic Policy
President Trump Visits Flood-Ravaged Texas, Praises Community Strength and First Responders
From Mystery to Meltdown, Crisis Within the Trump Administration: Epstein Files Ignite A Deepening Rift at the Highest Levels of Government Reveals Chaos, Leaks, and Growing MAGA Backlash
Trump Slams Putin Over War Death Toll, Teases Major Russia Announcement
Reparations argument crushed
Rainmaker CEO Says Cloud Seeding Paused Before Deadly Texas Floods
A 92-year-old woman, who felt she doesn't belong in a nursing home, escaped the death-camp by climbing a gate nearly 8 ft tall
French Journalist Acquitted in Controversial Case Involving Brigitte Macron
Elon Musk’s xAI Targets $200 Billion Valuation in New Fundraising Round
Kraft Heinz Considers Splitting Off Grocery Division Amid Strategic Review
Trump Proposes Supplying Arms to Ukraine Through NATO Allies
EU Proposes New Tax on Large Companies to Boost Budget
Trump Imposes 35% Tariffs on Canadian Imports Amid Trade Tensions
Junior Doctors in the UK Prepare for Five-Day Strike Over Pay Disputes
US Opens First Rare Earth Mine in Over 70 Years in Wyoming
Kurdistan Workers Party Takes Symbolic Step Towards Peace in Northern Iraq
Bitcoin Reaches New Milestone of $116,000
Biden’s Doctor Pleads the Fifth to Avoid Self-Incrimination on President’s Medical Fitness
Grok Chatbot Faces International Backlash for Antisemitic Content
Severe Heatwave Claims 2,300 Lives Across Europe
NVIDIA Achieves Historic Milestone as First Company Valued at $4 Trillion
Declining Beer Consumption Signals Cultural Shift in Germany
Linda Yaccarino Steps Down as CEO of X After Two Years
US Imposes New Tariffs on Brazilian Exports Amid Political Tensions
Azerbaijan and Armenia are on the brink of a historic peace deal.
Emails Leaked: How Passenger Luggage Became a Side Income for Airport Workers
Polish MEP: “Dear Leftists - China is laughing at you, Russia is laughing, India is laughing”
BRICS Expands Membership with Indonesia and Ten New Partner Countries
×