Spinola, Benedict (16th century), Italian banker

Benedict Spinola was a Genoese money lender. He saw the potential of the land in London that had been granted by Lord Audley to the College on its foundation.
Due to an Act of 1571 he could not lease the land directly from the College so the College granted the freehold of the land (seven acres of land in the Parish of St Botolph without Aldgate) to Queen Elizabeth I in return for a perpetual rent chatge of £15 a year (13 Dec 1574). The grant was to be invalid if the Queen did not convey the land to Spinola by 1 April 1575. However, the Queen who was repeatedly in debt to Spinola, took only 6 weeks to complete the transfer.

Why did the College give away its most valuable asset to Spinola? Mainly due to pressure from Lord Burghley.

The immediate effect was to see the College's income rise from £6 per annum to £15. But Spinola quickly divided the property into different plots and began building on them. He then sold his interest in the estate to the Earl of Oxford. By the early 17th century the estate was worth £10,000 with a yearly income of £800.

When Barnaby Goche (lawyer) became Master of the College he set about legal proceedings to challenge the legal validity of the transfer to the Earl of Oxford.
In 1615 the Chief Justice found for the College but the Earl of Oxford appealed and the case went to Chancery where they found against the College.
Goche and Smith were outraged and protested that they had aleady secured judgement. They only succeeded in securing a spell in the Fleet Prison.

The College tried to over turn the ruling in 1621 and during Charles II's reign. Between 1805 and 1807 the College spent more than £100 trying to secure legal opinion for their case and A.C. Benson tried again in 1914 but all to no avail.

[A History of Magdalene College, 1428-1988, Cunich et al]