Panama City Beach- After a year of legal battles involving Faith Christian Family Church's financial struggles, the property has ultimately landed in foreclosure. It was something SunTrust Bank had tried to do in May of last year, but just two days before the sale the church, under the direction of Pastor Mark Bishop, filed for chapter 11 bankruptcy.
"The market is not good, and trying to sell that type of specialized property is difficult in this type of market," said Faith Christian Church Attorney Charles Wynn.
As a part of the bankruptcy, Bishop was required to follow strict spending guidlines, but bank officials said he never adhered to them. In court documents they said he was "using the debtor's coffers as his personal piggy bank."
Up until November of last year, the financial reports he filed showed thousands of dollars overspent. Then after that financial statement, the bank said it suddenly stopped receiving those reports altogether.
Wynn said the court documents don't paint an accurate picture. He wouldn't comment on specific purchases but claimed Bishop paid back everything he spent.
"There was never any finding of fault or any type of wrongdoing whatsoever," said Wynn.
It's not known if Bishop's luxurious gated home, which he claims is a parsonage, is also in foreclosure. He didn't return NewsChannel 7's calls Wednesday. It's not clear when the church will move off the now-foreclosed property.