Greek Orthodox church quietly selling off Israeli real estate at fire sale prices - Israel News

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  • Greek Orthodox church quietly selling off Israeli real estate at fire sale prices - Israel News - Haaretz.com
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    An anonymous company registered in a tax shelter paid $3.3 million for 240 apartments, a commercial center and open areas in the center of Jerusalem.
    The deal, for what appears to be a ridiculously low price, was made by the Greek Orthodox Patriarchate of Jerusalem, the second largest real estate owner in Israel, after the Israel Lands Authority. In recent years the Patriarchate has been quietly selling off its properties in various parts of the country to companies hidden in tax shelters, for sums so low one wonders whether the church is trying to get rid of its assets at any cost.
    While the reason for the numerous sales and the low price remain a mystery, three agreements obtained by Haaretz shed some light on the transactions. For example, the lands sold in Jerusalem have meanwhile been resold to another company, also registered in a tax shelter. Also, some six dunams near the Clock Tower square in Jaffa, consisting of dozens of businesses, have been sold for a mere $1.5 million and 430 dunams in Caesarea, including large parts of the national park and amphitheater, were sold for only $1 million.
    All the purchasers are foreign companies registered in tax shelters, so it is impossible to obtain information about their owners. In a few decades, when the existing leases for those lands expire, their fate will be determined by those unknown purchasers.
    The church bought or acquired most of its lands during the 19th century. Traditionally the church didn’t sell its lands but leased them out, usually for 99 years, to public bodies like the Jewish National Fund or the Israel Lands Authority.