A $20 Million Deal Abandoned Over Debt: A Megachurch Walks Away From Buying a Historic Oklahoma City Church

• Crossings Community Church planned to buy First Christian Church of Oklahoma City’s building
• The historic building is listed on the National Register
• Total costs including renovation would have exceeded $20 million
• Crossings cited a 60-year commitment not to take on long-term debt

A growing Oklahoma megachurch has pulled out of buying a landmark church building because the numbers did not add up, The Christian Post reported in August 2019.

Crossings Community Church, a multisite congregation, had planned to acquire the historic First Christian Church of Oklahoma City, a building listed on the National Register of Historic Places. But after studying the property, it concluded that renovation would push the total cost well beyond its expectations.

“Unfortunately, the overall cost was much higher than we anticipated. The total cost of this endeavor would exceed $20 million,” Crossings said in a statement. “It became far more than what our leadership and elders were willing to invest; particularly in light of our 60-year commitment not to incur any long-term debt.” The church added: “We are especially thankful for the great friendship we have developed with First Christian Church during this process.”

First Christian’s senior pastor, John Malget, said: “First Christian Church of Oklahoma City is not dead, but is very much alive as we serve our community and help others see the resurrection in their lives.”

The case shows that the purchase price is only part of the cost of an old church. Heritage buildings can need large sums for roofs, systems and accessibility, and a buyer’s own financial rules, such as a policy against long-term debt, may rule out an otherwise attractive deal.

Jamaican congregations looking to buy older church buildings, and those hoping to sell, should commission a building survey and cost estimate before agreeing a price. Buyers should decide in advance how much debt, if any, they are willing to carry, and sellers should be realistic that repair costs will shape what buyers can pay.

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