Vatican built up property empire using Mussolini's millions
Church built up a property empire using cash originally provided by the Italian dictator
Few passing London tourists would ever guess that the premises of Bulgari, the upmarket jewellers in New Bond Street, had anything to do with the pope. Nor the nearby headquarters of the wealthy investment bank Altium Capital, on the corner of St James's Square and Pall Mall.
But these office blocks in one of London's most expensive districts are part of a surprising secret commercial property empire owned by the Vatican.
Behind a disguised offshore company structure, the church's international portfolio has snowballed, using cash originally handed over by Benito Mussolini in return for papal recognition of the Italian fascist regime in 1929.
Since then the international value of Mussolini's nest egg has mounted until it now exceeds £500 million (HK$6.14 billion), including premium London properties.
A surprising aspect is the lengths to which the Vatican has gone to preserve secrecy about the Mussolini millions. Its holdings came to light only after a probe by The Guardian.
The St James's Square office block was bought by a company called British Grolux Investments, which also holds the other UK properties. Published registers do not disclose the company's true ownership, nor make any mention of the Vatican.