Source: The National Herald
BOSTON – The Board of Trustees of Hellenic College–Holy Cross Greek Orthodox School of Theology in Boston, chaired by Archbishop Elpidophoros of America, decided on Tuesday, December 9, 2025, to sell a large portion of its real estate (land) to an environmental company, as The National Herald revealed on November 29, 2025.
The expected sale price is $1.2 million per acre, and the School is projected to earn between $22 million and $30 million.
It is emphasized that the School and its property were purchased in 1947 through the savings and contributions of the pioneering Greek immigrants, as well as through the fundraising campaign conducted by then-Archbishop Athenagoras of America, with the dynamic and effective support of The National Herald.
The meeting was held remotely via electronic means and was attended by about forty people. In addition to the designated parcel for sale—shown in the photograph previously published by TNH and republished in this edition—discussion also took place on whether the athletic field behind the gymnasium, known as the Pappas Auditorium, should likewise be sold.
Participating from the hierarchy were Metropolitanσ Gerasimos of San Francisco, Savas of Pittsburgh, Nicholas of Detroit, Apostolos of New Jersey, and Nathanael of Chicago. Absent were Metropolitans Constantine of Denver, Sebastian of Atlanta, and Methodios of Boston.
It is noted that the meeting was chaired by the Board’s vice-president, the Protopresbyter of the Ecumenical Throne Markos Leondis, presiding priest of the Saint Mark parish in Boca Raton, Florida, who also happens to be the koumbaros of the School’s president, Demetrios Katos.
Bill Spell, chairman of the Board’s Finance Committee, advocated for the sale of the School’s property as the only solution for the School to cope with its present circumstances.
As TNH reported on November 29, Mr. Spell noted in his Memorandum that “this potential transaction represents a significant step forward for Hellenic College and Holy Cross, both financially and in terms of our mission. It will transform underutilized land into a permanent environmental preserve, while generating substantial revenue to strengthen our endowment and secure the long-term sustainability of the Institution.”
Mr. Spell further revealed that “the proposed sale price—approximately $1.2 million per acre for 19–25 acres—translates into an estimated $22–30 million in unrestricted funds. These proceeds will meaningfully increase our endowment and advance our strategic priorities in education, research, and Christian formation.”
Photo: HCHC
At the December 9 meeting, a five-year plan proposed by Mr. Katos for the “development” of the School and its transformation into Holy Cross University was also discussed.
After Mr. Katos’ presentation, Metropolitan Gerasimos of San Francisco took the floor and noted that nowhere in the plan is there mention that this is a Theological School, nor that it is an Orthodox ecclesiastical institution.
Archbishop Elpidophoros responded, reportedly stating that this is only for the proposal—the motion—and that it will not be published that such a vote was taken. “We are simply voting that we liked the plan presented by Mr. Katos and that we want the president to move it forward. We will issue a communiqué about this plan.”
The Archbishop, in a slightly firm tone and addressing President Katos, is said to have remarked that while the program is good, he does not believe it will help, and asked him how much money has been raised to date. He added that the School does not provide detailed financial reports to the Archdiocese. He also told him that he has been in the presidency for over twelve months, yet “we have not seen improvements or changes.”
Mr. Katos noted that the Lilly Foundation Endowment had made a donation of seven million dollars.
Metropolitan Gerasimos intervened again, asking, “If you are saying that everything is going well, that we received this money from the Lilly Foundation, then why must this land be sold?” To Metropolitan Gerasimos’ question, Katos replied simply, “Thank you for your comment.”
At one point Mr. Spell stated, “I was in New York the other day at the event of the Hellenic Initiative. There were many wealthy Greeks there, but none of them gives to the School.”
In response to a delegate who asked whether the funds from the sale of the property would affect the grants from Leadership 100 or the financial support given by the Archdiocese to the School, Katos replied that the Archdiocese would no longer need to give so much money.