The Vatican sells its luxury property in London at a huge loss
The Vatican has sold its luxury property in London, which is currently the subject of an unprecedented criminal trial, at a huge loss in price.
The Holy See announced on Friday that the sale of the building in the Chelsea area had been completed for 186 million pounds, or 215 million euros ($225 million).
The property was purchased by the US private investment firm Bain Capital.
According to reports, the Vatican acquired the property between 2014 and 2018 for the equivalent of more than 350 million euros, hoping to make money through its appreciation.
Because of the deal, Cardinal, among others, was charged with first-time abuse of office and embezzlement.
The Vatican stated that a loss of more than 100 million euros was compensated by the financial reserves of the Vatican State Secretariat.
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