Philadelphia Archdiocese Auction Raises $995k

ABC 27
July 26, 2013

http://www.abc27.com/story/22928440/philadelphia-archdiocese-auction-raises-995k

The Archdiocese of Philadelphia has auctioned off some of its properties and raised $995,000.

Wednesday's auction was part of a strategy to stop running deficits in day-to-day operations and fill some of its financial holes. Before the auction started, officials say the archdiocese itself reached a deal on 48 acres of land in Plumstead, Bucks County, for $850,000.

At auction, the former St. Michael Business School in the city's Old Kensington section went for $330,000 and may be turned into condos. The former Our Lady of Hope Convent sold for $118,000. The former St. Bartholomew Convent went for $220,000.

The archdiocese sold a one-acre lot in Montgomery County, but rejected a $295,000 bid on a 29-acre lot in Harleysville, because it did not approach the appraised value of $625,000.