A Buddhist monk who bet the temple on a highly leveraged real estate portfolio has been saved by a last-minute $8 million cash payment from a mysterious benefactor.

Last week, a sign was erected on the entrance of the Linh Son Buddhist Society in Reservoir advising that it was under mortgagee possession with a series of creditors seeking to get their money back through legal action.

A sign on the front of the Linh Son Buddhist Temple indicating it was in mortgagee possession. Credit:Jason South

The society, which has around 2000 members, took in just over $100,000 in donations last year. Despite this, its leaders have amassed a property empire worth tens of millions of dollars.

As well as the monastery, which sits on 2.4 hectares in a Reservoir industrial area, the society's portolio includes 10 hectares of land in Melton South and 63 hectares in Mount Cottrell. Situated in prime territory in Melbourne’s booming west, the land is worth big money.