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Real Estate Trust Associated with San Diego Evangelist Morris Cerullo Acquires
Mission Valley Resort Out of Foreclosure for More Than $18 million

By Lori Weisberg, The San Diego Union-Tribune
October 27, 2011


The Mission Valley Resort, which was foreclosed on, has been purchased by a trust
linked to a longtime San Diego evangelist. — Lori Weisberg

A real estate trust affiliated with San Diego evangelist Morris Cerullo's religious organization has purchased a Mission Valley resort out of foreclosure for more than $18 million.

Plaza del Sol Real Estate Trust, whose trustees include Cerullo, will continue to operate the Mission Valley Resort as a hotel for the indefinite future, said Lynn Hodge, also a trustee.

Although the trust won't divulge what its eventual plans are for the nearly 19-acre property on Hotel Circle South, it does not intend on building a church there, Hodge insisted.

"From the outside, the only change that people will see with the resort is there’s a new owner," he said. "The same manager will manage the property."

Cerullo's religious enterprise at one time owned the El Cortez Hotel in the late 1970s, and for a short period in the early 1990s, he had a stake in the assets of Jim and Tammy Faye Bakker's PTL televangelism empire in South Carolina that were purchased out of bankruptcy.

His son David is president and CEO of the Inspiration Network, which grew out of Bakker's PTL Club.

Cerullo, who was raised in a Jewish Orthodox orphanage until the age of 14, describes himself as an apostle and prophet of the Lord Jesus Christ and still preaches around the world. He boasts on his website that his "Miracle Crusades" have helped the "lame walk, the blind see, the deaf hear."


For the rest of the story
go to:
http://www.signonsandiego.com/news/2011/oct/25/affiliate-of-san-diego-evangelist-buys-mission-val/


Contact:

Lori Weisberg, Staff Writer
San Diego Union-Tribune
350 Camino de la Reina
San Diego, CA  92102
619-293-2251
lori.weisberg@uniontrib.com


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