Bishop Eddie Long to Pay Defaulted Hoops Property Loan of $2 Million

Bishop Eddie Long to Pay Defaulted Hoops Property Loan of $2 Million

We first reported on this in Oct. 2010 about the alleged Hoop N Fitness gym on Tara Boulevard in Jonesboro, Georgia to be purchased by Long and associates. This was just 2 weeks after the sexual misconduct lawsuits were released to the news. At that time, the courts gave Bishop Long 10 days to pay or be liable for a defaulted loan. Its pretty apparent now he did not meet the deadline.

Read new report from AJC News:

Bishop Eddie Long has reached a settlement in a lawsuit that claims he and partners in a real estate venture defaulted on a $2 million bank loan.

Long and two partners in West Indies Holding Co. LLC, a venture took out a $2 million loan from a Macon bank for a Jonesboro commercial property that includes Omni Hoops & Fitness gymnasium. The bank later failed.

State Bank & Trust, which acquired the failed bank, filed suit in October 2010 in State Court of DeKalb County to recover the remaining balance of $1.9 million, plus interest and fees.

Long and his West Indies partners also were embroiled in a 2008 lawsuit over the Jonesboro property with its former owner, Danny Wright and J.D. Rock Enterprises. Wright claimed in a court filing last week that Long defaulted on a previous settlement.

Read full report here.