The Jesuit St. Michael's Church and college of the Jesuits were built in Munich between 1583 and 1597 as spiritual centers for the counter-reformation. William V's spending on Church-related projects, including funding missionaries outside Bavaria – as far away as Asia and the Americas—put tremendous strain on the Bavarian treasury. The Italian confidence man Marco Bragadino who was promising to make copious amounts of gold to erase the Dukes's debts was called upon by William V in 1590, and executed after he had failed. William V abdicated on 15 October 1597 in favour of his son, Maximilian I and retired into a monastery where he spent the remainder of his life in contemplation and prayer. He died in 1626 at the Old Schleissheim Palace and was buried at St. Michael's Church, Munich.