The Scientology Money Project

Flag Land Base Book Value Curiously Increases $107 Million from 2018 to 2019

In her incredibly well-researched and documented 2019 series Clear Takeover, Tampa Bay Times reporter Tracey McManus showed how murky Scientologist-controlled LLC’s covertly purchased $103 million in real estate in Downtown Clearwater. Many of these properties were purchased at prices well above market prices. Many of these real estate purchases were paid for in cash using wire transfers.

McManus pointed out how many of these properties are vacant lots or buildings which continue to sit empty. How did the LLC’s pay $103 million for real estate that produces zero rental income while requiring the payment of property taxes? Where did the $103 million come from?

We speculated that the $103 million in cash the shadowy real estate purchases could have come from Scientologist David Gentile’s company GPB Capital Holdings. Gentile, 57, was indicted last year on several US Federal felony charges alleging he operated GPB Capital as a $1.8 billion “Ponzi- like scheme.”

Our speculation was based upon a leaked FBI Intelligence Bulletin which mentioned “more than $100 million in wire transfers” that came from a Russia-based company and flowed into the coffers of a NYC private equity firm:


We asked if this New York-based private equity firm could be GPB Capital Holdings whose sole owner is  Scientologist David Gentile. In support of our question, we cited the ties of both David Gentile and GPB Capital to the purported Russian mobster Michael Cherney  via his daughters Rina and Diana Chernaya. Gentile also has ties to Cherney’s US business agent Robert Kessler. Indeed, Chernaya and Kessler money were behind GPB Capital’s first major VW car dealership.


Now comes more evidence for our theory of the case: In its 990’s filings to the IRS, Scientology’s Flag Land Base in Clearwater Florida a/k/a Flag Service Organization (FSO) reported an increase in book value of $107 million from 2018 to 2019. The 990’s are virtually identical in 2018 and 2019. There is no entry, or entries, for the increase of $107 million in book value:

2018 FSO Book Value: $191,474,208

2019 FSO Book Value: $298,856,945

One Year Increase in Book Value: $107,382,737. How did this dramatic 56% increase in book value occur in one year?  Where did the $107 million come from?

The 990’s. Red arrows point to book value on Line C of the the 2018 and 2019 Form 990’s:

The Church of Scientology can transfer assets among its legally separate religious corporations a/k/a Orgs. However, the $107 million increase had to have come from somewhere. There are only four Scientology Orgs we know of with a book value over $100 million:

1. CSI: Church of Scientology International 2012 Book Value: $846,314,618

2. CST: Church of Spiritual Technology 2012 Book Value $447,192,921

3. Flag Service Organization

4. CSRT: Church of Scientology Religious Trust

The question is this: Where did the $107 million in increased book value in Flag Land Base come from? Our main theory: A presently unknown holding company owned by Flag secretly owns the LLC’s which purchased and own the $103 million in Clearwater real estate. Both David Gentile and Scientology have made denials about the real estate purchases we consider evasive.

Scientology’s attempt to own and control the vast majority of Downtown Clearwater could be a Scientology shell game ultimately financed by a byzantine cabal of Scientologist criminals, OT volunteers, and non-Scientology accomplices we call the Shadowmen.


The 990’s:

FSO.2018.990
FSO.990.2019

2 replies »

  1. Jeez….Remember scientology’s goon squad “The Minutemen” from back in the day?
    And now we have yet another “theta” manifestation of the most ethical group on the planet:
    The Shadowmen.
    Just another spiritual, tone 40, pan-dynamic campaign engaged in by 9-foot-tall satans, er, thetans… to save us dilletante, panty-waist, degraded, reactive schlubs from eternal entrapment in the Dwindling Spiral.
    Ah, lonely is the vigil of the billionaire Pimping Pontiff…😞

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