Man, this is a tough one.
On one hand, if a group of like-minded people get together to form a community based on their own beliefs, to the exclusion of others, there's a First Amendment that says they can. So long as they're not going to be displacing other property owners to make their Vatican Vacation Getaway, I don't see a problem with someone buying a few million acres, calling it Ave Maria, and parceling out to others under contract.
On the other hand, this is a going to be a town, where non-residents may be passing through freely, who require services not provided by the town. It may very well be unconstitutional in Florida, maybe not in other states.
Not sure how I feel about this one - I'm not Catholic, will never live there, will never probably go there, but who am I to say that a group of Catholics can't form their own little community and live the way they want to? Nuns and monks do it all the time.
Of course, there's another angle Monaghan hasn't though of - if there are a lot of influential Catholics all living in a small area, it's much MUCH easier to take them all out at once with a well placed briefcase nuke.
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