There were no takers for the former home of Jim and Tammy Bakker and the PTL auction fell far short of its $4 million goal, but ministry officials say they'll keep trying to sell off excess property.
The auction Tuesday brought in only $596,500 toward the $5.3 million the PTL ministry, based in nearby Fort Mill, needs to raise by a May 2 bankruptcy court deadline.Only five bids were accepted on nine properties offered. Bids on two others were insufficient and a $425,000 bid on former PTL President Richard Dortch's home is still being considered, PTL Trustee David Clark said.
The auctioneer began the bidding at $900,000 on the former Bakker residence, a 9,300-square-foot lakeside home with 4 bedrooms and 51/2 bathrooms in Tega Cay.
But auctioneer Rodney L. Robinson stopped the auction when he had dropped the price to $500,000 without any takers.
"We didn't get an offer that I thought was substantial enough to open the bidding," Robinson said afterward.