Stories: Omote Sando Property purchase by Pres. Paul C Andrus
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| Property Acquisition-Omote Sando
January 13, 2008
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By Paul C. Andrus
President of The Northern Far East Mission 1955-1962
Dear Wade:
You invited me to comment on the purchase of the Omotesando property.
Over a period of years Brother Tatsui Sato and I searched for a property in Tokyo which would not only fill some of our needs for church facilities but which would also draw favorable attention to the church throughout Japan and throughout all the countries of Asia. Brother Sato and his agents brought this property to my attention early in 1960. When then Assistant to the Twelve Gordon B. Hinckley visited Japan in the spring of 1960, we presented this property to him. Elder Hinckley in turn recommended this property to President Henry D. Moyle, Second Counselor in The First Presidency, who presented it to President David O. Mckay who approved the purchase for $680,000.
In 1952 President Vinal G. Mauss purchased a property on Hachimandori in Shibuya for the yen equivalent of $20,000. By 1960 the value of this property had risen to $550,000. This fact was the key to the church being willing to pay $680,000 for the Omotesando property. Adding the original cost of $20,000 for the Shibuya Hachimandori property to the $680,000 paid for the Omotesando property brings the total outlay by the church to $700,000. The church subsequently sold the Omotesando property for $24,150,000. The Shibuya Hachimandori property was sold for $550,000. Subtracting this amount from the total outlay of $700,000 leaves a net outlay by the church of $150,000. Subtracting $150,000 from $24,150,000 leaves a total net profit to the church of $24,000,000. My understanding is that this $24,000,000 was used to subsidize the purchase of approximately 100 meetinghouse sites throughout Japan.
When the purchase of the Omotesando property was completed in 1960 for 680,000, Elder Hinckley told me it was the single most expensive real estate property ever purchased by the church. After it was sold for a net profit of $24,000,000, Elder Hinckley told me it was the single most profitable real estate transaction in the history of the church.
For those of your readers who might be interested, I will prepare and submit to you at a later date an account of the details of the negotiations for the purchase of the Omotesando property. Aloha, Paul C. Andrus.
Note: Omote Sando can be translated as Outside Pilgrimage Road. The Road leads to the Meiji Park and Shrine inside the Park. |
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