November 13, 2013
When Churches Go Bankrupt
Ken Walker, Christianity Today
Less than 30 minutes from Disney World, Celebration of Praise Church of God has 1,200 members and a 47-acre campus. The Clermont, Florida, church boasts an Olympic-size swimming pool, a spa, a gym, and the county's largest auditorium. It also has a $7 million "balloon" payment due on its mortgage. All the church lacks is the funds to pay it.
It looks like Celebration's story will have a happy ending of sorts—it's currently selling its property to the city for $6.3 million, and will be able to rent the property for Sunday and Wednesday meetings.
TAGGED: Bankruptcy, Churches, Foreclosure