Mega-Church for Sale: Only $30 million
- Posted by: Todd
- Posted on: Thu, March 06, 2008
- Viewed 84
- (44) comments so far
More from the article:
Local real estate experts consider the Without Walls property to be in one of the most promising areas for development in Tampa.
Most likely, the new buyer would tear down the buildings at 2511 N. Grady Ave. to build offices or some type of mixed-use development, Messier said.
“The real value is the land,” he said. “Of course, there’s always the possibility that another church would want it.”
The church got a $12 million mortgage on the property in December 2003 from Evangelical Christian Credit Union. The balance is due in January, but the loan could be extended another five years, said Lisa Valenzuela, a credit union spokeswoman.
She and other credit union officials wouldn’t discuss the terms or balance of Without Walls’ mortgage and other loans. The credit union offers only balloon payment-type mortgages, in which a church makes relatively small regular payments and then generally pays off the bulk of the loan in a lump sum.
Without Walls reported a $26.29 million debt in a 2006 audit. About $9.2 million of that was used to buy a 10,000-seat church in Lakeland in 2005. Without Walls is also exploring the sale of that 75-acre property, according to Messier.
Without Walls shouldn’t expect a quick sale of its Tampa campus, based on today’s cooling commercial real estate market, said Bill Eshenbaugh, president of Eshenbaugh Land Co.
“It’s not an instant sale at that price,” Eshenbaugh said. “It’s a great location, but the market is taking a breather. They are a little behind the curve.”
Accountability Concerns
A member of Without Walls’ board and at least one congregant were surprised to hear their church might be sold.
“I haven’t heard anything about it,” said Marlena Isaac, 23, who has attended Without Walls since 2003. “This is news to me.”
Isaac said if the church moves, she will likely move with it.
“It has nothing to do with the building,” she said of the worship experience. “For that matter, I could watch the service on the Internet.
“It’s a good church. You get a good message every week.”
Clark, the board member, said he is concerned that Randy White is making major decisions without seeking board approval. According to Without Walls’ 1998 articles of incorporation, White must consult with the board in managing church operations.
“Whatever they’re doing, they’re doing on their own, apparently,” Clark said.
White met with Clark in California about a month ago, Clark said. The pastor never mentioned selling the property, he said.
“I feel like there should be some accountability, but there doesn’t seem to be any,” he said. “It kind of makes this whole board thing rather immaterial, doesn’t it?”
According to 2007 state incorporation records, the church board is composed of the Whites, Clark, Zachary Tims of New Destiny Ministries and Norva Carrington, the church’s chief financial officer.
Board members Carrington and Tims did not respond to messages seeking comment.
If the building sells, White could use the money to build a new church, or to enhance the church’s Lakeland facility or for ministry work, said Randy Sterns, a Tampa attorney who specializes in tax law.
But White couldn’t personally profit from the sale, or give the money to church staff or board members, Sterns and other tax experts said.
Without Walls almost had a deal to sell its Lakeland church earlier this year. A real estate agent representing Without Walls asked the Family Worship Center in Lakeland if it wanted to buy the sprawling Polk campus.
Family Worship Center is looking for a larger church for its growing ministry, said business administrator Shawn Scarborough. Without Walls Central is roughly 120,000 square feet, about 30,000 square feet larger than the Family Worship Center.
The ministries negotiated, but the deal fell apart about a month ago when the two sides could not agree on terms, Scarborough said.
“We were very interested,’’ he said, “but nothing happened.”
More here...
Randy White isn't talking. Neither is his ex-wife and co-founder of Without Walls International Church, Paula White. But the Tampa newspaper is reporting that the 13.3 acre Tampa campus, which includes a 4,500 seat auditorium, a 94,000 sq. ft. office building, a television studio, and a small health club is now up for sale for a mere $30 million. One board member is talking though. According to the paper, Alice Clark said that "I had no clue this was on the table... You can't make a decision like that without the board's approval. Right?"
Comments
if you want a Globally Recognized Avatar (the images next to your profile) get them here. Once you sign up, they will displayed on any website that supports them.
Stop Repossession on Tue, April 14, 2009
A balloon payment is a large, lump sum payment that is scheduled at the end of a series of smaller periodic payments or at the end of a long-term loan. While they are most common in mortgage loan they may also be applied other types of loans like auto loans.
Real estate software on Thu, April 16, 2009
The sins of the humanity is much greater to be washed away by this
sell and rent back on Thu, April 23, 2009
The Balloon Payment Calculator is a very fast and flexible loan calculator which also handles balloon payments.
Bur Dubai Hotel Apartments on Fri, April 24, 2009
Rough! Interesting that a ‘christian mortgage’ company is so incredibly harsh to this church. Most homeowners being foreclosed on have many months before they even get notices about the INTENT to foreclose. Personally I am glad to hear of another money hungry slug on society going belly up!!!!!
Tampa Property Management on Sun, April 26, 2009
Good property management is the art of making problems so interesting and their solutions so constructive that everyone wants to get to work and deal with them. May the property come to the one who has highest bidder.
Steam Showers on Fri, May 01, 2009
Very interesting article!
Online Canadian Dating on Mon, May 04, 2009
really an interesting share Todd! its really happend when someone make really big bid for this.
Karu on Mon, May 04, 2009
Hi,
When you request a property inspection, ask for these issues to be especially noted:Noise,Light,Ventilation,Quality of the building, and any areas that could be a weather tight risk etc…
san diego real estate
Quick House Sale on Wed, May 06, 2009
The solar industry is the greatest beneficiary of this legislation. The tax credits for solar initiatives are good for the next 8 years. Additionally, the $2,000 tax credit limit for residential solar systems being lifted means that homeowners can get a 30% tax credit on the solar panels they install starting next year. And now utilities can also take advantage of the tax-advantages. This new legislation will allow the solar marketplace in the U.S. to continue its strong growth and attract high levels of investment.
Lease extension on Wed, May 06, 2009
For making a balloon payment the borrower collects a considerable amount of profits. The terms and conditions are different from usual loans and the rates of down payment are very low. The borrower has to pay minimal amounts on a monthly basis and offered lowest rate of interest.
Dubai property on Wed, May 06, 2009
The US Housing Market is considered to be the major player in the World Housing Market. The US Housing Market has gained in importance over the years for its economic organizations such as the International Monetary fund (IMF) and the World Bank. Even the World Trade Organization (WTO) is responsible for its present status in the global scenario.
Dubai properties on Wed, May 06, 2009
We have vacation property all over the world, but we always end up visiting our beach properties the most…there is just something amazing about watching God’s creation in full glory!
Lake District holiday cottages on Thu, May 14, 2009
A rental property is negatively geared when it is purchased with the assistance of borrowed funds and its expenses exceed the rental income and a loss is incurred.Conversely positive gearing is where the income received is greater than the total amount of the expenses and therefore creates a situation where tax must be paid on the net income. Generally you will find a newly purchased negatively geared property will have better capital growth than that of a positively geared property.
Hotels in Dubai on Thu, May 21, 2009
Nice to to read the post and comments .....
Bournemouth Hotels on Mon, June 01, 2009
When you request a property inspection, ask for these issues to be especially noted:Noise,Light,Ventilation,Quality of the building, and any areas that could be a weather tight risk etc…
Page 2 of 3 pages < 1 2 3 >
Post a Comment