According to the public record, on June 26, 2012, Steven Furtick and his wife Holly purchased 19.25 acres of land in Union County, just outside of the city of Charlotte, and Mecklenburg county for $325,000. In December of 2012, in the name of their Revocable Trust, the Furtick’s took out a construction mortgage on a new home. This home has been the source of great controversy for pastor Furtick.
The “home” is a 16,000 square foot mansion. It is located at 433 Lochaven Road, Waxhaw, NC. 8103 square feet heated, 4182 square feet serves as a basement (basements are very rare in North Carolina due to the soil), 902 square feet as a garage, and 2188 square feet as a open porch. It consists of 5 bedrooms and 7 1/2 bathrooms.
The construction mortgage taken out in December 2012 was for $1,293,750. The final mortgage, or “Loan Modification,” after all the construction was over, was for $1,293,750. Per the “Exhibit A” of the loan modification, this loan will require Steven Furtick make a $6,555.25 principal and interest payment on this property for the next 30 years, at a fixed interest rate of 4.5%.
For those of you who do not know, the $6,555.25 principal and interest payment does not include annual property taxes, or the required hazard insurance payments.
Per public records, as of 2014, Union County values this home and property at $3,002,890. Per tax records, the annual property tax due on this home is $22,864.00 (or $1,905.33 per month).
The cost monthly hazard insurance premium is unknown. However, per various websites (such as this one) and other sources I have, you can get a “rough” estimate of the monthly hazard insurance premium by taking the value of the property ($3,002,890) and multiplying it by 0.0025, and dividing that by 12. So 3,002,890 x 0.0025 = $7,507.23 annually. 7,507.23 / 12 = $625.60 monthly.
In total, a $6,555.25 monthly mortgage payment, plus a $1,905.33 monthly tax payment, equals $8,460.58 per month. Add the monthly hazard insurance estimate of $625.60, and you get a fully escrowed monthly mortgage payment of $9,086.18.
Annually, this means Steven Furtick is making $109,034.16 in mortgage payments alone.
Such is roughly 5 to 10 times more than the average attendee at Elevation church makes on their mortgage annually. And frankly, such is a lot more than most of the attendees at Elevation Church probably make in a year… except for those that attend the Blakeney and Providence locations.
Let that sink in the next time you think about giving sacrificially to Elevation Church.
And also, keep in mind that Steven Furtick still owns his 3647 square foot home he bought in Charlotte for $362,500 in November 2007, which he is still currently trying to sell!
- Original Mansion Mortgage for Steven Furtick
- Current Loan Modification on Mansion Mortgage
- Steven Furtick Mansion Property History
- Steven Furtick Mansion Tax Bill