Religion and Real Estate: Obituary for former client Televangelist Reverend Jimmy Swaggart

Rev. Swaggart begging forgiveness for his satanic attraction to prostitutes. But in all fairness, he never touched them; he just left little Jimmy hanging out of his pulpit.

In 2003 I was a review appraiser working for a Florida investment bank that later got absorbed into Blackstone. They sent me in February 2003 to review 11 appraisals in New Orleans and Baton Rouge.

The properties in Baton Rouge were part of the Jimmy Swaggart World Ministries campus in Baton Rouge, Louisiana, located on valuable land situated next to the local regional mall. And Jimmy Swaggart was the sole owner of the Ministries Campus.

I spent the day before in the den of iniquity known as the French Quarter in New Orleans, reviewing 8 appraisals. That evening I stayed in my motel room to watch and study the Jimmy Swaggart show. The sermon that night was “Do Not Worship the Counterfeit Jesus”.  I found his sermon to be most confusing, but he did sometimes break to commercial to promote a cassette tape that explained it all. So that’s where the money comes from.

“Brother Swaggart” actually made about 20 minutes of time available to personally talk to me, and he stayed in character for a truly memorable performance.  He talked a lot but didn’t listen.

What Rev. Swaggart was doing was subdividing properties from his campus to serve as collateral for loans. Rev. Swaggart was actually a competent real estate developer who built very functional warehouse properties without making them white elephants like other holy men sometimes do.

I asked him what he needed the loan proceeds for, and he told me that he wanted to buy radio stations, and lenders won’t take radio stations as collateral, so he had to use his ministry property as collateral.  I asked how many radio stations and he said he wanted radio stations in 48 states. So I asked “You mean radio stations in the 48 continental United States?” and he said “No, every state except Mississippi and Arkansas, because those people don’t have any money, anyhow.” Maybe he was joking.

The Swaggart Ministries Campus has a bible college, TV studio and radio station.  When I was at the TV station I watched the producers creating one of his appeals for money:

“Friends, if you truly love the word of God and want to walk with JESUS, get out your credit cards”.

So I have mixed feelings about Jimmy Swaggart.  On the positive side, he never lied to me, unlike many commercial real estate developers, but he didn’t have to, because he was so good at it.  On the other hand, I saw him as the world’s most successful Bible salesman, and perhaps sales were more important to him than saving souls. He died a very wealthy man.