London Daily

Focus on the big picture.
Tuesday, Aug 04, 2026

Leaked documents detail $200 million Vatican deal for swanky London property

Leaked documents detail $200 million Vatican deal for swanky London property

“Hundreds of millions of Euro destined for the least and the poor are still administered opaquely and with no transparency, as if the Vatican were a merchant bank in an offshore country,” a new report claims.

Against the backdrop of a Synod of Bishops on the Amazon dedicated to the defense of some of the world’s most impoverished people, the Vatican finds itself rocked by yet another financial scandal after publication Sunday of seamy details about a $200 million purchase of a swanky 183,000-square-foot apartment building in the Chelsea district of London.

“Hundreds of millions of Euro destined for the least and the poor are still administered opaquely and with no transparency, as if the Vatican were a merchant bank in an offshore country,” the report claims.

For Pope Francis, who came to office in 2013 on a reform mandate and who launched a sweeping reorganization of Vatican finances early in his papacy, the revelations are the latest index of how much remains to be done in terms of injecting accountability in terms of money management.

The report in L’Espresso, a widely read Italian news magazine, was authored by journalist Emiliano Fittipaldi, who was charged by the Vatican in 2015 with illicit divulgation of confidential information amid what came to be known as the “Vatileaks II” scandal. Fittipaldi and fellow journalist Gianluigi Nuzzi were eventually absolved for lack of jurisdiction.

The L’Espresso account is based on confidential reports from Vatican investigators obtained by Fittipaldi, suggesting the possibility of yet another “Vatileaks” scandal involving the leaking of supposedly secret documentation.

According to the report published Sunday, the Secretariat of State, the Vatican’s ultra-powerful coordinating department, controls roughly $725 million in funds off the books related to the annual “Peter’s Pence” collection, which is designed to allow individual Catholics to contribute to the pope’s charitable activities.

In fact, according to Fittipalidi’s report, most of those funds are instead diverted into “reckless speculative operations,” with 77 percent of the Peter’s Pence collections entrusted to Credit Suisse, the multinational financial services and investment company founded in Switzerland.

L’Espresso cites Vatican investigators charging that the use of those funds, roughly $560 million, has been marked by “garish irregularities” and “worrying scenarios.”

In addition, Fittipaldi’s report also suggests that an ongoing internal investigation of those irregularities may be motivated less by an honest desire to get to the truth and impose transparency, and more by a desire to settle accounts and alter the balance of power within the Vatican, especially with regard to the Financial Information Authority, an anti-money laundering watchdog unit created under Pope emeritus Benedict XVI.

The director of the Financial Information Authority, Italian layman Tommaso di Ruzza, was one of five Vatican employees recently suspended amid the unfolding investigation that also led to the resignation of the powerful commander of the Vatican gendarmes, Domenico Giani, following a leak of a memorandum on the probe prepared by Giani to the Italian media.

Sunday’s report details the affair involving the London apartment building, which has its origins in 2012 when an Italian financier named Raffaele Mincione was approached about investing $200 million on behalf of the Vatican in an oil company in Angola. According to Fittipaldi’s account, the operation was the idea of then-Monsignor Angelo Becciu, at the time the number two official in the Secretariat of State and a former papal ambassador in Angola.

Becciu is today a cardinal and the prefect of the Vatican’s Congregation for the Causes of Saints.

Eventually, however, the Angola project fell apart, leading Mincione to propose investing the $200 million in a London real estate deal instead, involving the purchase of a former warehouse for Harrod’s and converting it into luxury apartments. Mincione, based on Italian media reports, is a well-known corporate raider whose 12-meter private sailboat is named Bottadiculo, which is idiomatic for “lucky break” but literally means “slap on the butt.”

The deal went ahead, with the Vatican purchasing 45 percent of the property. A Brexit-induced downturn in the London real estate market, however, resulted in returns being less than projected, and in 2018, under the Secretariat of State’s new number two, Venezuelan Monsignor Edgar Peña Parra, the Vatican decided to pull out of the Athena Capital Global fund administered by Mincione and based in Luxembourg.

The exit strategy, however, involved the Vatican purchasing the remaining 55 percent of the property, in a deal signed in November 2018 by Monsignor Alberto Perlasca, at the time a key official in the Secretariat of State who was appointed in July by Pope Francis as the Promoter of Justice, or prosecutor, in the Vatican’s highest court, the Apostolic Signatura.

Fittipaldi asserts that between the original 2012 investment and the 2018 purchase, Mincione cleared almost $170 million in income. According to Fittipaldi, he still defends the investment: “I didn’t want to pull out, they asked me to,” he said. “It’s still an optimal operation: All that has to be done is to get going on the renovations and sell the apartments,” Mincione said.

According to the report, it was the director general of the Institute for the Works of Religion, the so-called “Vatican bank,” Italian layman Gian Franco Mammì, who objected to the 2018 transaction and triggered an investigation. While that may seem to make Mammì a whistleblower, Fittipaldi quotes unnamed Vatican insiders claiming that his actual motive was to wrest control of the Peter’s Pence funds away from the Secretariat of State for the Vatican bank.

In any event, a formal complaint was lodged with the Vatican’s Promoter of Justice on July 2, leading to the suspension of the five employees and Giani’s ouster.

In the meantime, according to Fittipaldi, the Vatican gave control over its London investment to another Italian financier named Gianluigi Torzi, who is himself under investigation by Italian authorities for an incident in which he allegedly changed the locks on a property near his seaside villa without authorization.

In effect, the Vatican did not directly acquire the remaining share of the London property through the Administration of the Patrimony of the Apostolic See (APSA), the Vatican’s central financial clearinghouse that generally administers its real estate holdings, but worked through another Luxembourg financial company run by Torzi.

Also involved in the deal as an “absolute protagonist,” according to Fittipaldi, was Italian Monsignor Mauro Carlino, a longtime aide to Becciu who was promoted by Pope Francis to become the head of information and documentation at the Secretariat of State over the summer.

Despite Di Ruzza’s suspension, Fittipaldi quotes unnamed sources suggesting that the Financial Information Authority actually signaled the London deal as a suspicious transaction to authorities both in the UK and Luxembourg and tried to block the transaction.

That background, according to Fittipaldi, has generated suspicions that the raid on Di Ruzza and his suspension is actually an attempt to neutralize the Financial Information Authority with regard to the Secretariat of State.

“Judicial papers risk being used to settle accounts within the sacred walls,” Fittipaldi wrote.

“For Francis, facing this new scandal, it won’t be easy to extricate himself amid real enemies, fake friends, people making good suggestions and counselors with shady motives,” Fittipaldi concludes.

Newsletter

Related Articles

0:00
0:00
Close
Apple Seeks Court Order to Stop OpenAI Using Alleged Trade Secrets
Breaking With the Past: One of the World’s Smallest Countries Changes Its Name
AI Is Remaking the US Economy, From GDP Growth to iPhone Prices
Comcast: Tied to a Chair and Hit in the Face With Cake: The Regular Humiliation Ritual at the US Corporate Giant
Aston Martin Faces Legal Threat Over £550m Rescue Deal
Reform UK Wants the Royal Navy to Return Channel Boats to France
US and Japan Step In to Support the Yen in Rare Joint Intervention
NHS Spends £240m a Year Storing Paper Records Despite Digital Push
Badenoch Defends Tory Candidate Jailed for Antisemitic Abuse of Luciana Berger
The AI Pricing Problem: Companies Cannot Predict Their Own Bills
Europe’s Heat and Drought Are Now Disrupting Power, Shipping and Tourism
Apple’s OpenAI Lawsuit Becomes a Public Fight Over AI Hardware
UK Man Jailed After Keeping His Mother’s Body in a Freezer and Claiming £78,000
A SpaceX Rocket Is About to Crash Into the Moon — and Scientists Hope to Watch
World War II munitions discovered after wildfires in southern France
BP profits reach four-year high amid Middle East conflict
Europe’s Drying Rivers Trigger Power Cuts, Factory Shutdowns and Wildfire Emergencies
UK Driver Sentenced to Four Years for Staged Electric Vehicle Brake Failure Fraud
Conservative Party and Reform UK Face Scrutiny During Clacton By-Election Campaign
Ministry of Justice Reviews Early Release Rules After Public Anger Over Police Killer Cases
NHS Radiographers Report Rising Racist Abuse From Patients Across UK Hospitals
UK Banking Regulators Face Pressure After Customer Loses Fourteen Thousand Pounds in AI Voice Scam
Research Challenges Treasury Control Over UK Public Spending and Calls for Greater Local Decision-Making
Home Office Begins Four-Week Weapons Surrender Campaign Across Major English Cities
Southern England Records Driest July in Nearly Two Centuries as Drought Concerns Grow
Apple Challenges UK Government Request for Access to Encrypted User Data in Legal Fight
BP Reports Sharp Profit Increase as Middle East Conflict Drives Global Oil Prices Higher
Nigel Farage Expresses Openness to Potential Alliance with Restore Britain
AstraZeneca Merger Talks Reflect Intensifying Pharmaceutical Consolidation
University Merger May Set Template for Higher Education Reform
Apple's Legal Challenge Highlights Growing Tension Over Encryption and Surveillance
Prime Minister Andy Burnham's Agenda Signals Shift Toward Greater Regional Devolution
Mental Health Trust Faces Criticism Over Planned £25 Million Budget Cuts
Scientists and Cultural Leaders Call for Funding to Save Jodrell Bank Observatory
UK Manufacturing Output Reaches Highest Level in Nearly Two Years
University of Greenwich and University of Kent Complete Landmark Merger
Nigel Farage Unveils Naval Border Proposal Amid Questions Over £5 Million Donation
Prime Minister Andy Burnham Pledges Tougher Action on Small Boat Crossings
Apple Challenges UK Government Over Encrypted Data Access Demands
AstraZeneca Shares Fall After Reports of $400 Billion Bristol Myers Squibb Merger Talks
Triple Lock Lifts UK State Pension but Leaves a Wider Retirement Gap
Danube Drought Forces Hungary’s Paks Nuclear Plant Into Full Shutdown
Ceuta Death Toll Rises as Spain and Europe Clash Over Border Response
Cuba’s Grid Fails Again as Fuel Crisis Deepens
Nazca Lines Flight Crash Kills Thirteen as Peru Suspends Aerodiana
Modern Slavery Decisions Broaden the Al Fayed Inquiry’s Frame
FIFA’s Retreat Leaves a Larger Question Over Who Guards the Game
Two Firefighting Crew Members Die in Helicopter Collision West of Athens
Public Sector Automation Through Artificial Intelligence
Regional Investment Beyond London
×