Vatican City, Jul 1, 2022 / 09:49 am
The Vatican has confirmed the sale of the luxury London property at the center of a financial corruption trial.
A July 1 statement from the Administration of the Patrimony of the Apostolic See (APSA) reported that the Vatican sold the building on 60 Sloane Avenue in London to Bain Capital for £186 million ($223.6 million).
“The losses incurred with respect to what was spent on the purchase of the property were conferred to the reserve of the Secretariat of State, without in any way in this circumstance touching Peter’s Pence or the donations of the faithful,” it said.
The Secretariat of State began to purchase the building eight years ago as an investment property intended for development into luxury apartments. The Vatican spent about 350 million euros ($364 million) on the investment for a building that its previous owner had purchased for £129 million ($155 million), according to the Associated Press.