London Daily

Focus on the big picture.
Tuesday, Dec 30, 2025

Vatican sells luxury London building at heart of fraud trial

Vatican sells luxury London building at heart of fraud trial

The Vatican’s purchase of the building in London’s Chelsea neighbourhood has been one of the blackest marks on the Vatican’s finances in recent years.
The Vatican said on Friday that it has signed a contract to sell a luxury London building that is at the heart of a fraud and embezzlement trial under way in the Vatican’s criminal tribunal, recovering more than it expected from the loss-making investment.

The Vatican’s economy ministry also revealed, in releasing the Holy See’s budget for 2022, that 10 percent of the deposit has been received and the sale is expected to be concluded in June. The budget foresees a narrowing of the Holy See’s deficit to 33 million euros ($37m) from 42 million euros ($47m) last year.

The head of the ministry, Father Juan Antonio Guerrero Alves, told Vatican media that the loss from the London building had already been accounted for in the Holy See’s balance sheets. No figures were given, including on the final sale price of the property, but Guerrero said it had sold for more than its appraisal price.

The Vatican’s purchase of the building, located at 60 Sloan Ave in London’s Chelsea neighbourhood, has been one of the blackest marks on the Vatican’s finances in recent years. The Secretariat of State poured some 350 million euros ($391m) into the investment, much of it donations from the faithful, for a building that its previous owner had purchased for 129 million British pounds ($173m) — less than half the sum invested.

The scandal exposed the incompetence of the Vatican’s monsignors in managing its coffers, since they signed away voting shares in the deal and agreed to pay exorbitant fees needlessly to Italians who were known in business circles for their shady dealings.

Vatican prosecutors have accused the Holy See’s longtime money manager, Italian brokers and lawyers of fleecing the Holy See in the various contortions of the deal and of then extorting the Vatican of 15 million euros ($17m) to finally get full ownership of the property, a former Harrods warehouse.

Pope Francis had announced his intention to get rid of the property in 2020 when he ordered the Secretariat of State to hand over all its remaining assets to a centralised Vatican treasury, since the London fiasco proved how poorly the office’s monsignors had managed the financial portfolio.

That reputational blow, combined with the coronavirus pandemic, has impacted the Vatican’s bottom line since much of the funding for the original London investment came from the Peter’s Pence donations from the faithful that are destined for the pope’s charitable works and the upkeep of the Holy See.

In the budget estimates, Guerrero said Peter’s Pence donations have continued to decline for several years, as much as 15 percent last year, due in part to the pandemic reducing attendance at mass, when the collections are usually made.

“This should make us think about other methods of soliciting the help of the faithful and receiving donations,” he told Vatican media.

The Vatican’s 2022 budget is swelling from 300 million euros ($335m) last year to 800 million euros ($893m) in 2022 because new accounting parameters incorporate big-ticket Vatican-owned entities, including the Bambino Gesu pediatric hospital in Rome, one of Europe’s biggest.
Newsletter

Related Articles

0:00
0:00
Close
Abu Dhabi ‘Capital of Capital’: How Abu Dhabi Rose as a Sovereign Wealth Power
Diamonds Are Powering a New Quantum Revolution
Trump Threatens Strikes Against Iran if Nuclear Programme Is Restarted
Apple Escalates Legal Fight by Appealing £1.5 Billion UK Ruling Over App Store Fees
UK Debt Levels Sit Mid-Range Among Advanced Economies Despite Rising Pressures
UK Plans Royal Diplomacy with King Charles and Prince William to Reinvigorate Trade Talks with US
King Charles and Prince William Poised for Separate 2026 US Visits to Reinforce UK-US Trade and Diplomatic Ties
Apple Moves to Appeal UK Ruling Ordering £1.5 Billion in Customer Overcharge Damages
King Charles’s 2025 Christmas Message Tops UK Television Ratings on Christmas Day
The Battle Over the Internet Explodes: The United States Bars European Officials and Ignites a Diplomatic Crisis
Princesses Beatrice and Eugenie Join Royal Family at Sandringham Christmas Service
Fine Wine Investors Find Little Cheer in Third Year of Falls
UK Mortgage Rates Edge Lower as Bank of England Base Rate Cut Filters Through Lending Market
U.S. Supermarket Gives Customers Free Groceries for Christmas After Computer Glitch
Air India ‘Finds’ a Plane That Vanished 13 Years Ago
Caviar and Foie Gras? China Is Becoming a Luxury Food Powerhouse
Hong Kong Climbs to Second Globally in 2025 Tourism Rankings Behind Bangkok
From Sunniest Year on Record to Terror Plots and Sports Triumphs: The UK’s Defining Stories of 2025
Greta Thunberg Released on Bail After Arrest at London Pro-Palestinian Demonstration
Banksy Unveils New Winter Mural in London Amid Festive Season Excitement
UK Households Face Rising Financial Strain as Tax Increases Bite and Growth Loses Momentum
UK Government Approves Universal Studios Theme Park in Bedford Poised to Rival Disneyland Paris
UK Gambling Shares Slide as Traders Respond to Steep Tax Rises and Sector Uncertainty
Starmer and Trump Coordinate on Ukraine Peace Efforts in Latest Diplomatic Call
The Pilot Barricaded Himself in the Cockpit and Refused to Take Off: "We Are Not Leaving Until I Receive My Salary"
UK Fashion Label LK Bennett Pursues Accelerated Sale Amid Financial Struggles
U.S. Government Warns UK Over Free Speech in Pro-Life Campaigner Prosecution
Newly Released Files Shed Light on Jeffrey Epstein’s Extensive Links to the United Kingdom
Prince William and Prince George Volunteer Together at UK Homelessness Charity
UK Police Arrest Protesters Chanting ‘Globalise the Intifada’ as Authorities Recalibrate Free Speech Enforcement
Scambodia: The World Owes Thailand’s Military a Profound Debt of Gratitude
Women in Partial Nudity — and Bill Clinton in a Dress and Heels: The Images Revealed in the “Epstein Files”
US Envoy Witkoff to Convene Security Advisers from Ukraine, UK, France and Germany in Miami as Peace Efforts Intensify
UK Retailers Report Sharp Pre-Christmas Sales Decline and Weak Outlook, CBI Survey Shows
UK Government Rejects Use of Frozen Russian Assets to Fund Aid for Ukraine
UK Financial Conduct Authority Opens Formal Investigation into WH Smith After Accounting Errors
UK Issues Final Ultimatum to Roman Abramovich Over £2.5bn Chelsea Sale Funds for Ukraine
Rare Pink Fog Sweeps Across Parts of the UK as Met Office Warns of Poor Visibility
UK Police Pledge ‘More Assertive’ Enforcement to Tackle Antisemitism at Protests
UK Police Warn They Will Arrest Protesters Chanting ‘Globalise the Intifada’
Trump Files $10 Billion Defamation Lawsuit Against BBC as Broadcaster Pledges Legal Defence
UK Says U.S. Tech Deal Talks Still Active Despite Washington’s Suspension of Prosperity Pact
UK Mortgage Rules to Give Greater Flexibility to Borrowers With Irregular Incomes
UK Treasury Moves to Position Britain as Leading Global Hub for Crypto Firms
U.S. Freezes £31 Billion Tech Prosperity Deal With Britain Amid Trade Dispute
Prince Harry and Meghan’s Potential UK Return Gains New Momentum Amid Security Review and Royal Dialogue
Zelensky Opens High-Stakes Peace Talks in Berlin with Trump Envoy and European Leaders
Historical Reflections on Press Freedom Emerge Amid Debate Over Trump’s Media Policies
UK Boosts Protection for Jewish Communities After Sydney Hanukkah Attack
UK Government Declines to Comment After ICC Prosecutor Alleges Britain Threatened to Defund Court Over Israel Arrest Warrant
×