Monday, September 10, 2012

For Jesuits, abuse scandal is giant real estate opportunity

Home to Philadelphia's Archbishops since 1935; soon to be Jesuit owned

In 2007, when the Archdiocese of Boston was looking to raise cash to pay off its clerical abuse liabilities, the Jesuits of Boston College helpfully offered to buy the archbishop of Boston's residence and 65 surrounding acres for $400 million.  Recently, as the Archdiocese of Philadelphia looks to raise cash for the same purpose, the Jesuits of St. Joseph's University have offered $10 million for its archbishop's residence and 9 surrounding acres.   Another thing to note is that the price of an archbishop's residence is dropping like a rock.

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