Catholics are buying bankrupt Crystal Cathedral megachurch

Yahoo ^

[AnAmericanMother]

No, in order to have cash flow (which is what you claim to want), your net worth has to be convertible to cash.

The whole point is that the vast majority of the Vatican's holdings are non-convertible. Art and architecture that is the world's patrimony cannot be sold, and there are very few who could buy, especially right now with the world economy in such a shambles.

You may be familiar with the concept "land poor". That's what is going on here, with the addition of "world class art poor".

[AnAmericanMother]

Oh, missed opportunities . . . I had the chance to write a letter to C.S. Lewis once, didn't do it, and then he died . . . !

For next time you meet a cool archbishop (there are quite a number of them, especially BXVI's most recent appointments): Catch his eye - "Your blessing, Your Grace" and kneel (on the LEFT knee) right there on the elevator floor. And then you kiss his ring.

I freaked out our archbishop doing that once. (Yeah, I know "Your Grace" is the form of address for English archbishops. I'm an Anglophile.)

[elkfersupper]

Two words: real estate.

Three words: valuable real estate.

Four words: extremely valuable real estate.

Many more words: priceless art and artifacts, precious metals, precious metals crafted into priceless art and artifacts, a wholly owned and operated city in Italy, complete with spacious and magnificiently-appointed dwellings. Even in this economy, I could convert most of that to cash in less than a week.

[AnAmericanMother]

It's not as easy a proposition as you seem to think, and in a week you would find yourself in some legal trouble. Vatican City is only a little over 100 acres, most of which is covered by churches and a museum. That is not convertible. The Vatican Gardens, which take up about 50 acres, were planned in the 13th c. and hence are historical property in their own right. Like the UK and the US, Italy has historical preservation laws, and in Italy the laws date back to the 12th century. Most of the property could not legally be sold to any private entity, and even if it were there would be incredible public outcry. Berlusconi sold a historic villa to the Carlyle Group last year and the response was so volcanic that Italy is going to buy it back.

The dwellings are neither spacious nor well-appointed. Most of the buildings have not been renovated in years. The Pope has a suite of rooms that do not compare favorably with a Motel 6 (even though he has a nice view).

As for the art and artifacts, I covered that already. You don't sell the culture's patrimony into private hands (even assuming the law would allow it).

The widespread belief about the wealth of the Church is pretty much just scuttlebutt, much as predatory lawyers would like to think otherwise.

[AnAmericanMother]

I find upon looking around that some renovations were made when BXVI was elected -- and the roof no longer leaks and the library walls are no longer in danger of collapse.

And the new furniture is nicer than a Motel 6 - but certainly not "magnificently appointed". I've got a nicer bookcase.

The old Papal Apartments with the Raphael frescos are now part of the Lateran Museum.

[elkfersupper]

Okay, let's cut this short.

I have never understood the reason for the existence of the Catholic Church (or any other church for that matter).

I am lost on the whole concept (raised Southern Baptist).

[AnAmericanMother]

And nobody is questioning your right to believe whatever you want, or in nothing at all.

But don't spread slander about somebody else's church when you haven't got the facts straight.

I don't go around badmouthing Baptists -- whether SBC, Missionary, Independent or Free Will -- or taking irrelevant potshots at them while they're talking about a new church building. Please give Catholics the same courtesy.

[elkfersupper]

I am not slandering anybody’s religion. I am only pointing out that the Catholic church has billions of dollars of assets accumululated over centuries.