The third document in the agreement paid the Vatican 1750 million lira (about $100 million) for the seizures of church property since 1860. Pius XI invested the money in the stock markets and real estate. To manage these investments, the Pope appointed the lay-person Bernardino Nogara, who, through shrewd investing in stocks, gold, and futures markets, significantly increased the Catholic Church's financial holdings. The income largely paid for the upkeep of the expensive-to-maintain stock of historic buildings in the Vatican which until 1870 had been maintained through funds raised from the Papal States.