O'Bama's Pastor's Shady Real Estate Deal?
- From: CliffB <fleer@xxxxxxxxxxxxxx>
- Date: Fri, 28 Mar 2008 10:53:02 -0700 (PDT)
OBAMA'S FORMER PASTOR GETTING $1.6M HOME IN RETIREMENT
by FOXNews.com
Thursday, March 27, 2008
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The four- bedroom, 10,000-plus square foot home that Trinity United
Church of Christ is building for Reverend Jeremiah Wright. (FNC Photo)
By Jeff Goldblatt
This was supposed to be the week that the Rev. Jeremiah Wright Jr.
returned to the pulpit to preach for the first time since his anti-
American sermons generated nationwide outrage and drew condemnation
from his longtime parishioner, Barack Obama.
But, citing security concerns, Wright canceled his speaking
engagements in Florida and Texas. A spokeswoman at his former church
in Chicago said his schedule is pending.
A two-week FOX News investigation, however, has uncovered where Wright
will be spending a good deal of his time in retirement, and it is a
far cry from the impoverished Chicago streets where the preacher led
his ministry for 36 years.
FOX News has uncovered documents that indicate Wright is about to move
to a 10,340-square-foot, four-bedroom home in suburban Chicago,
currently under construction in a gated community.
While it is not uncommon for an accomplished clergyman to live in
luxury, Wright's retirement residence is raising some questions.
"Some people think deals like this are hypocritical. Jeremiah Wright
himself criticizes people from the pulpit for middle classism, for too
much materialism," said Andrew Walsh, Associate Director of the
Leonard E. Greenberg Center for the Study of Religion in Public Life
with Trinity College in Hartford, Conn.
"So he's entitled to be tweaked here. So the question really is, how
unusual is this? Somewhat unusual," he said.
According to documents obtained from the Cook County Register of
Deeds, Wright purchased two empty lots in Tinley Park, Ill., from
Chicago restaurant chain owner Kenny Lewis for $345,000 in 2004.
Documents show Wright sold the property to his church, Trinity United,
in December 2006, with the proceeds going to a living trust shared
with his wife, Ramah.
The sale price for the land was just under $308,000, about $40,000
less than Wright's original purchase two years earlier.
Public records of the sale show Trinity initially obtained a $10
million bank loan to purchase the property and build a new house on
the land.
But further investigation with tax and real estate attorneys showed
that the church had actually secured a $1.6 million mortgage for the
home purchase, and attached a $10 million line of credit, for reasons
unspecified in the paperwork.
There is apparently nothing wrong with that, according to non-profit
tax expert Jack Siegel of Charity Governance Consulting, who examined
public documents FOX News obtained from the Cook County Register of
Deeds and the Village of Tinley Park.
"At least looking at it from a public document standpoint, there's
clearly not a problem that jumps out or some sort of wrongdoing,"
Siegel said.
Siegel characterizes the transaction as unusual, however, because of
the way Wright sold the property to Trinity and the way the deal was
financed, with the attached $10 million line of credit.
Because churches are classified as private businesses, Trinity isn't
required to reveal its intended use for the line of credit. Nor,
because it's a non-profit entity, is it required to provide that
information to the IRS.
A spokesman for ShoreBank, the Chicago-based financial institution
that secured mortgages for the loans, said the deals were aboveboard.
Wright did not respond to repeated calls for comment, and Trinity
United refused to discuss the specifics of the home it is building for
him and the way the deal was financed.
The church referred FOX News to its denominational headquarters in
Cleveland, which provided a statement of support:
"It is customary and appropriate in many Christian denominations,
including the United Church of Christ, for local churches to offer
housing provisions for retiring clergy, especially in cases where
pastors have served long-term pastorates. We support efforts by our
5,700 local churches to ensure that retiring pastors and spouses have
continuing housing, adequate pension and health care, as an expression
of our continuing appreciation for their years of service. Each local
UCC congregation is free to honor a retiring pastor in ways it feels
most appropriate to address the needs of that clergyperson's
circumstances," wrote the Rev. J. Bennett Guess, spokesman for UCC's
national office.
"This is about how these kinds of churches work," notes Walsh. "These
pastors who made big successful churches are real valuable
commodities. Is it morally wrong? Well, Protestants don't have the
idea that their religious leaders should live modestly or
aesthetically. We're not talking Buddhist monks or Catholic priests
here. There's no tradition that says they have to live poor."
Tradition at Trinity United centers on a congregation that's
unashamedly black and unapologetically Christian, according to the
church's website. There are also no apologies from the church for the
home it's building for its former senior pastor, who nurtured a
religious empire that grew to have more than 8,000 congregants.
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