Cerullo Nears Completion of Deal for Heritage USA

San Diego evangelist Morris Cerullo may be just a few days away from closing a $45-million deal to purchase the Heritage USA theme park in South Carolina. If the sale goes through, Cerullo may move his San Diego-based ministry to the park, a spokesman said.

U.S. Bankruptcy Court Judge Thurmond Bishop of Columbia, S.C., approved the previously announced deal Wednesday, but the transaction is conditional upon the consent of two PTL creditors who are out of the country. The creditors’ lawyers, however, have said their clients will approve the agreement.

Cerullo, who heads World Evangelism of San Diego, agreed in May to a two-part deal to acquire the scandal-plagued religious properties formerly run by defrocked evangelist Jim Bakker. Cerullo is in escrow to complete the first phase, the purchase of the PTL cable TV network for $7 million. Last month, Cerullo paid a $1-million deposit to acquire the real estate and theme park segment of PTL.

“We are obviously happy with Judge Thurmond Bishop’s decision to conditionally approve our offer,” Cerullo said in a statement. “We are extremely hopeful that, by next Tuesday, all the creditors will issue their approval and we can go forward with the New Heritage USA. . . . As soon as final approvals are achieved, we will be assembling a team of top-notch professionals to oversee and operate the facility.”

About 100 PTL creditors have already approved the agreement. Cerullo will withdraw from the bidding for the park if the two remaining creditors balk at the agreement.