Joel Osteen’s Lakewood Church Pays off $100-M Loan
Lakewood’s famous pastor broke down in tears as he made the announcement.
Joel Osteen, the longtime pastor of Lakewood Church in Houston, Texas, was brought to tears last Sunday (Jan. 14) as he announced the church had paid off its nearly 20-year debt.
“My big announcement today is that as of December 31 of last year we have officially paid off the $100 million loan,” Osteen said to his congregation of nearly 16,000 and millions more watching online.
Osteen wiped tears as he went on to thank members and donors. “It’s because of your faithfulness,” he said. “You have paid it off by the goodness of God.”
Since his father’s passing in 1999, Osteen has led Lakewood Church to become one of the largest non-denominational churches in the world. In that time, Lakewood’s average weekly attendance has multiplied to nearly 50,000, with some 200 million watching on TV or online.
A main component of Lakewood’s growth was its relocation to the Compaq Center, the former Houston Rockets’ arena, in 2001. Initially, Lakewood signed a 60-year lease with the city of Houston for $11.5 million with money left by his father, Osteen said.
But the arena needed major renovations to support the expanding church. After one bank denied Osteen the loan, the pastor turned to Bank of America, who quickly wrote a $25 million check to begin renovations, eventually supplying the rest of the $100 million. The locker rooms and food stands transitioned to nurseries and meeting rooms, a five-story building was erected adjacent to the arena to house offices and support the TV broadcast operation, and the interior layout and exterior façade were updated, Osteen said.
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“I prayed in that prayer, ‘God, give us great years,’” Osteen recounted. “I look back over these 19 years and they have been great years.”
Osteen’s wife Victoria alluded to the parable of the talents found in Matthew 25. “We stayed with what God gave us and we were faithful,” Victoria said. “I want to remind you: those who are faithful with the little, God will make you ruler over much.”
Osteen then introduced and thanked staff members on stage for their years of service. One of these included Lakewood COO who handed Osteen the $100 million loan agreement sheet. Together, to a standing ovation, Osteen and his wife tore the sheet into pieces.
“What God has done for Lakewood; he is going to do in your life,” Osteen said. “I believe that in 2024 God is going to release you from some things that have held you back.”
Joel Osteen / Lakewood Church has 0 stars out of 5 for financial efficiency and an “F” transparency grade in the MinistryWatch database, and a donor confidence score of 3 out of 100 (“Withhold Giving”).
Main photo: Video screenshot
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