London Daily

Focus on the big picture.
Saturday, Sep 05, 2026

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
UK Parliament Raises Concerns Over Funding Structure of £400 Million Tropical Forest Initiative
Andy Burnham Launches Number 10 North as Part of UK Devolution Push
UK Reaffirms Falkland Islands Sovereignty Amid Renewed Regional Pressure
Andy Burnham to Abstain From Assisted Dying Vote as Ministers Are Told to Remain Neutral
Kemi Badenoch Sacks Shadow Chancellor Mel Stride in Conservative Economic Strategy Shake-Up
UK Government Drops Early Prisoner Release Plan in Favor of Deportations and Wider Prison Reform
UK Farmers Warn Drought-Hit Harvests Could Push Grocery Prices Higher
UK Economy Faces Persistent Stagflation Risks Ahead of October Budget
Masked Protesters Block Port of Dover Roads, Disrupting Cross-Channel Traffic
Reform UK Suspends Senior Officials After Undercover Investigation Into Foreign Donation Plans
UK Urges Households to Keep Emergency Supplies Amid Severe El Niño Warning
Prime Minister Andy Burnham Sets Out Regional Industry and Prison Reform Agenda
Siemens Energy Wins Rolls-Royce Small Modular Reactor Manufacturing Contract
UK Mortgage Costs Rise as Gilt Yields and Swap Rates Climb
Bank of England’s Huw Pill Calls for Prompt Rate Rise as Inflation Risks Persist
National Audit Office Warns UK Is Unprepared for Major Food Supply Disruptions
British Army Suspends Some Training Exercises as Budget Pressures Intensify
HMS Queen Elizabeth Deploys as NATO Allied Response Force Command Ship
Reform UK Suspends Two Senior Officials Over Alleged Foreign Donation Scheme
UK Reasserts Falkland Islands Sovereignty After Argentina Threatens Sanctions
Scottish Tech Company PureLifi Enters Administration With More Than 40 Job Losses
Scottish Government Names Alyn Smith Innovation and Education Minister
Green Party Co-Leader Zack Polanski to Contest By-Election for Keir Starmer’s Former Seat
Palestine Action Activists Appeal Terrorism-Related Prison Sentences
PwC Report Highlights Persistent Regional Spending-Power Divide Across Britain
UK Names Hundreds of Employers for Minimum Wage Violations
UK Commits £400 Million to International Tropical Forest Fund
UK Extends £2 Bus Fare Cap Across England Through 2027
UK Warns Travellers as US-Iran Tensions Disrupt Middle East Security and Shipping
Andy Burnham Faces Kemi Badenoch in First Prime Minister’s Questions
Kemi Badenoch Names Andrew Griffith Shadow Chancellor in Conservative Reshuffle
UK Treasury and Markets Focus on Fiscal Headroom Ahead of Autumn Budget
UK Government Reverses Early Release Plans for Serious Violent and Sexual Offences
UK and France Review Border Cooperation After 48,000 Small-Boat Crossings Prevented
UK Growth Outlook Weakens as Inflation and Energy Costs Rise
Breeding Tropical Mosquitoes Discovered in East London
Sadiq Khan Agrees to Search of Digital Communications in Palantir Lawsuit
Scottish Protesters Call for Moratorium on AI Data Centre Expansion
Uber Drivers Bring London Class Action Over Algorithmic Management
Reform UK Accepts £4 Million Donation From Cryptocurrency Billionaire Pardoned by Trump
Justice Secretary Tightens Early Release Scheme to Exclude Manslaughter Offenders
Kemi Badenoch Reshuffles Conservative Team as Reform UK Pressure Grows
British Mortgage Rates Rise as Global Bond Sell-Off Pushes Up Borrowing Costs
UK Records Hottest Summer on Record in 2026
UK Government Urges Households to Stock Essential Supplies Ahead of Severe El Niño Risk
UK Prepares Targeted Sanctions Over Israeli Settlements in West Bank
Reform UK Faces Electoral and Police Scrutiny Over Foreign Donation Allegations
UK and France Expand Channel Migration Cooperation as Trade Tensions Surface
UK Marks Merchant Navy Day With Tribute to Civilian Seafarers
Burnham Pays Tribute to Two Police Officers Killed on Duty in Northern England
×