Philadelphia, Pa., Aug 13, 2012 / 12:17 pm
The Archdiocese of Philadelphia has announced it will sell some of its large real estate holdings, including the archbishop's residence, to reduce operating costs in the face of a multi-million dollar deficit.
"The decision to sell these properties was not made lightly, but rather after prayer and careful consideration," Archbishop Charles J. Chaput of Philadelphia said Aug. 13. "Selling these assets will help us as we work to ensure the long-term financial stability and position the archdiocese for future growth. It will also allow us to remain committed to the services and support we provide to the faithful as well as the broader community."
The archbishop compared the "hard decisions" to what families have to do when their expenses exceed their income.
The archdiocese expects to sell the archbishop's residence in a private transaction. It will also sell its Villa Saint Joseph by the Sea property in Ventnor, N.J.