It took Joel Osteen just 19 years to pay off Lakewood’s $100 million loan
On Sunday, the pastor of one of America’s largest and wealthiest congregations broke down when he announced the megachurch paid off its massive debt.
Pastor Joel Osteen broke down on stage at Houston’s Lakewood Church this past weekend, crying as he told the packed house that their donations paid off its $100 million debt. “It’s because of your faithfulness,” Osteen told his congregation. “You paid it off by the goodness of God.”
For more than two decades, Osteen has led the non-denominational Lakewood Church, one of America’s largest and wealthiest congregations. Osteen took over the pulpit after his father and church founder, John Osteen, died in 1999, and has since grown the church’s weekly attendance from an average of about 5,000 to more than 50,000, while amassing 200 million weekly viewers through his TV broadcasts and digital platforms worldwide.
Back in 2001, Osteen signed a 60-year lease with the city to move from its 7,800-seat sanctuary in northeast Houston into the Compaq Center, the Houston Rockets’ arena boasting 16,000 seats, Osteen recalled. The pastor paid $11.5 million in rent, using money left to the church by his late father.
Osteen struck out with the first financial institution, he admitted, before Bank of America offered him a $25 million check for his construction loan. After some relatively quick negotiations, the bank agreed to increase its lending to $100 million.
“As of December 31 of last year, we have officially paid off the $100 million loan,” Osteen said to a standing ovation Sunday. The pastor put his hands to his face, stopping himself and using tissues to wipe his tears. He praised God and reminded the crowd that the church continued to spend “millions of dollars” on its ministry and on its media production that reaches so many across the globe.
Osteen and his wife, Victoria, are beloved by their overwhelming mass of followers yet criticized for preaching so-called prosperity gospel, the belief that people can escape poverty and even find wealth through devotion to God. The tax-exempt church reportedly paid back the $4.4 million it received in COVID-19 disaster funds through the Paycheck Protection Program in 2021 after receiving backlash on social media. The pastors, who’ve said they do not receive a salary from the church, instead amassing their wealth from book sales and the like, claimed none of the federal funding went to them.