“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. 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. 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. 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. 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.”
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