Scientology’s Flag Land Base a/k/a Flag Service Organization a/k/a FSO showed a 2019 Book Value of $298,856,945 USD.
Note: Book value is not income. It is a statement of the value of FSO’s real estate and land less depreciation.
Prior year 990’s show these FSO book values:
2018 IRS Form 990 Book Value: $191,474,208 USD
2017 IRS Form 990 Book Value: $250,036,037 USD.
2016 IRS Form 990 Book Value: $211,648,177 USD.
Tracey McManus’ highly-detailed story in the Tampa Bay Times documented $102 million cash purchases for Downtown Clearwater real estate made by Scientology straw buyers. Some of these purchases were made by LLC’s controlled by the shadowy Israeli agent Itzhak Zano. McManus wrote:
All together, 32 companies bought 92 downtown properties since 2017. Of the $103 million spent, $99 million was paid in cash.
Many of the real estate purchases were made at prices well over market. Prices as much as 5x over market were paid. These real estate acquisitions allowed the Church of Scientology to effectively control Downtown Clearwater.
We have alleged, and explained why, we think the $102 million came from GPB Capital Holdings, a Ponzi-like scheme whose Scientologist owner David Gentile was arrested by the FBI in February 2021 on several felony charges.
We linked the cancellation of Scientologist Larry Feldman’s ambitious Riverwalk project to GPB Capital’s commitment to invest $105 million in the project. This $105 million was never sent. We asked if the GPB funds were diverted to purchasing the $102 in overpriced Downtown Clearwater real estate. Alternately, we asked if the $102 million came from Russian mobster Michael Chernaya who daughters provided the seed money for GPB Capital in 2012.
Bottom Line: If Flag Land Base real estate holdings were valued at the same inflated prices made by the Scientology straw buyers in 2017-2019, then the 2019 book value of Flag Land Base should approach $1 billion USD rather than $298.8 million.
Itzhak Zano and the entities to which he is connected including Zano Team LLC:
FSO 990’s 2016-2019FSO.2019.990
Categories: The Scientology Money Project