The Archdiocese of Los Angeles has a longstanding commitment to the care and well-being of the Sisters of the Immaculate Heart of Mary. The stewardship of the Sisters and the Waverly Drive property were entrusted to the Archdiocese by the Holy See in 2005. The Sisters are not living on the property, which is vacant and deteriorating. The Sisters agreed that it was logical to consider a sale of the property. All proceeds from the sale will be dedicated to the care of the Sisters.
Two proposals have been considered. Ms. Dana Hollister moved forward and recorded a deed without consent taking control of the property. News sources reported that her offer was for $15.5 million. However, the deed reflects a value of $10 million, of which only $100,000 was paid, and the balance is payable under a contingent promissory note with no assurance if and when the rest of the money will be paid. The other transaction, supported by the majority of the sisters, is for $14.5 million in value to the Sisters, consisting of $10 million in cash and an alternative property for the House of Prayer to be owned by the Sisters and valued at $4.5 million.
Unfortunately, the Archdiocese had to take civil action to protect against the unauthorized action by Ms. Hollister, which was undertaken after the preferred transaction had been accepted in consultation with the Sisters.
The Hollister transaction lacks the required approval from the Archdiocese and the Holy See, and does not provide a solution for the House of Prayer which is on the property. The Archdiocese continues to work with the Sisters to ensure that decisions concerning the sale of the property are made in their best interest. We want to make sure no one takes advantage of the Sisters.