The Nation - News from Feb. 18, 1988
A federal judge in Columbia, S.C., gave his blessing to a plan to auction off some PTL properties, including the lavish lakeside parsonage in Tega Cay, S.C., that fallen founders Jim and Tammy Faye Bakker once called home. Bankruptcy Judge Rufus Reynolds informally approved a plan by PTL trustee David Clark to sell 12 houses and other properties to raise money to help pay PTL’s $72 million in debts. Figures presented to the court show the ministry is losing $17,000 a day. Clark said the auction--set for mid-April--should raise at least $5.1 million.
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