A wealthy investor explained why he bought 13 historic paintings from the Church of England for £15 million – only to give them back to be put on public display.

Evangelical Christian Jonathan Ruffer, 59, has never seen the Zurbaran Paintings nor visited their present home, Auckland Castle, County Durham, where, thanks to his gift, they will stay.

The Church Commissioners, which looks after the Church of England’s assets, faced criticism in the northeast for putting the pictures up for sale, and a campaign was launched to make it reconsider.

They have hung in Auckland Castle, the palace of the Bishop of Durham, for 260 years and represent a plea for religious tolerance.

Mr Ruffer, who was brought up in Stokesley, North Yorkshire, has made a fortune from fund management, and predicted the credit crunch.

He explained his beliefs about money in this week’s The Spectator magazine: “There are only three things you can do with it – spend it, save it or give it away.

“For the rich, saving is much more dangerous than spending, because you can see how empty spending is, but it’s harder to see that saving also is.

“What a lot of money does is poison you.”

Mr Ruffer, who is married, said he believed his salary was absurd and thought bankers should not feel bad about their earnings, but should spend them. Francisco de Zurbaran was a 17th century Spanish painter who specialised in religious themes.

“The Zurbaran Paintings of Jacob and his 12 sons are of immense significance. They are believed to have been bought by Bishop Trevor in 1756 as an act of solidarity with the Jewish community during the debates about the emancipation of the Jews.

“They have been called the first multicultural documents of Britain.

“To have moved or exported them would have been a great cultural loss and I am delighted that they are now secure in their rightful home at Auckland Castle.”

It has also been proposed that Auckland Castle could be opened up to give greater public access.