Academic

"Sometimes I forget to pray. But some days I pray extra if there's nothing good on television"

By Gordon Smith, Christine, Hurt, Vic Fleischer, Fred Tung, Lisa Fairfax, David Zaring

That's Barbara Jerger, one of the residents of the Fuggerei in Augsburg, Germany (W$J):

The Fuggerei [is] a Roman Catholic housing settlement for the poor that Jakob Fugger "The Rich" built in this southern German city nearly 500 years ago. Praying for Mr. Fugger and his descendants to enter the Pearly Gates is a condition for living here, at an annual rent of 1 Rhein guilder, the same as in 1520. In today's money, that's 88 euro cents, or about $1.23.

Fuggerei is a Roman Catholic housing settlement in Augsburg, Germany, established in 1520 by Jakob Fugger "The Rich" to help the poor. The main gate, left, is locked each night and stragglers are fined for coming in late.

Jakob the Rich was Wall Street long before it existed. He minted coins for the Vatican, bankrolled the Holy Roman Empire and helped steer Europe's spice trade in the early 16th century to become one of the wealthiest and most powerful financiers in history. He left more than seven tons of gold to his successors -- and a good deed.

Much of the Fugger business empire crumbled over the next 150 years, battered by wars and soured credits. But the walled Fuggerei, with its picturesque lanes and seven gates in the heart of this onetime European banking capital, still stands.

As in medieval times, the Fuggerei enclave is locked at night. Residents take turns manning the gatehouse to open up for late stragglers and fine them (between 50 cents and a euro, depending on the hour).

Notice that the fine for being late could exceed the annual rent. A couple more tidbits from the story:

• "The handles on the iron doorbells have different shapes such as a cloverleaf and a pine cone -- a holdover from when there was less lighting and residents needed help at night to recognize their doors."
• "Franz Mozart, a bricklayer and the great-grandfather of the composer Wolfgang Amadeus Mozart, lived here in the late 17th century."

If you subscribe to the W$J, go see the slideshow.

Full post as published by Conglomerate on December 26, 2008 (boomark / email).