It was once one of the largest and most prosperous churches in the southeast. Tonight it's in the hands of one of the largest and most prosperous banks in the southeast.
Markus bishop has apparently agreed to give up the Faith Christian Family Church and it's surrounding property on Back Beach Road to SunTrust bank.
A judge signed off of the foreclosure judgment this week.
The bank tried to foreclose on the property last year, but Bishop filed for chapter 11 bankruptcy to block the move. In November the judge tossed out the bankruptcy filing and allow SunTrust to proceed with foreclosure.
Under the terms of this week's judgment, Faith Christian Family Church will have until March 1st to vacate the property, if SunTrust decides to take title, which most anticipate it will.
The court puts the total value of the settlement at 3-point-3 million dollars.
The ruling does not include Bishop's multi-million dollar Panama City Beach mansion he calls his parsonage.
Bishop has already reopened another church, in the old Gulf Beach Baptist sanctuary, near the intersections of Front Beach, Middle Beach and Thomas Drive.
Bishop?s new church is named ?The Life Center, a Spiritual Community?.
Source: http://www.wjhg.com/news/headlines/Beach-Church-Foreclosure-Coming-To-An-End-186563201.html
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