[OLD REGGIE]

They have a $198 million dollar settlement to pay. They have $115 million in properties that can potentially be sold without impacting parishes. Looks like an $83 million shortfall to me, hence the bankruptcy.

The current selling price of these properties are the key. Is it $115 million, $450 million, or somewhere between these figures?

"The bulk of the assets that are not churches, schools or cemetery property is assessed at about $115 million by the San Diego County Assessor's Office.

But that is only a fraction of the properties' market value, said Gary London, a San Diego real-estate economist.

“The market here doubled in the 1980s and has doubled again in the past seven years. So you can multiply many of these assessed values by a factor of at least four to get the fair market value,” he said.

Applying that multiplier, London said, the diocese “conservatively holds properties (in San Diego County) with a market value well in excess of $1 billion.”

“(Church officials) can easily get loans against these assets to satisfy this settlement,” London said.

[John123]

Applying that multiplier, London said, the diocese “conservatively holds properties (in San Diego County) with a market value well in excess of $1 billion.”

You beat me to it. Thanks for posting...