Catholic ruler donates colonies to the Pope

What if Portugese or Spanish kings donate large parts of their colonial Empire to the Pope ? Maybe instead asking the Pope to mediate in their power struggle , they give him the absolute authority over a large area between the two Empires. the Papal States establishing themselves as a colonial power in the name of the faith.
 
Why they would give some of their wealths away? They would make pope even stronger than they would want.
 
I can concieve of some suitable circumstances. If a nation is at war, and figures that they might lose the colonies anyway, give them to the Pope. No a British, for example, attack isn't an attack on France, but on the Papacy...complications ensue.
 
Granting sections of colonies to be administered by church officials is one thing (which did happen IOTL, in Argentina, Paraguay etc.), but giving whole tracts to the Pope to administer directly is another.
 
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