Mega-Church for Sale: Only $30 million
- Posted by: Todd
- Posted on: Thu, March 06, 2008
- Viewed 83
- (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?"
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