Freemasons SA struggle with $50M cash from retirement village sale

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Following the sale of its eight Masonic homes’ retirement villages to Stockland in 2015 for $75.8 million, Freemasons SA has been through an internal struggle centred on what to do with the cash.

The sale was not put to the Grand Lodge members, causing “much disquiet and consternation among Brethren”.

“We have been through absolute hell over all this but we might finally be getting things right and fulfilling our values”, a high ranking Freemason commented in the Advertiser newspaper last week.

The first plan was to use the cash to retire debt and refurbish their Grand Lodge building on North Terrace (premium Adelaide CBD location).

The second option was to provide the funds to Masonic Charities but there was disquiet about directors being paid $40,000+ a year.

That board has now been totally replaced by non-paid directors and it looks like Masonic charities will get the cash.