Billionaire: Bradford College sale a ‘done deal’
Eagle-Tribune
The benefactor, David Green, 65, is buying the shuttered Bradford campus for Zion Bible College because he likes to support religious causes, he said yesterday in a telephone interview with The Eagle-Tribune.
Green has never seen the campus nor visited Zion, which is in Barrington, R.I., but he said he likes its ministries. Zion trains ministers, missionaries and teachers for the Assemblies of God denomination, to which Green belongs.
"We looked into it and decided it would fit into what we would like to do," Green said.
The deal will be finalized in the coming days with the Bradford College campus owners, Angelo Gordon & Co. of New York, he said.
Bradford College closed seven years ago because of financial problems, and its owners had, until now, unsuccessfully searched for an educational institution to fill the space. Intent on finally selling the property, Angelo Gordon & Co. scheduled a sealed-bid auction for last Tuesday, but Zion intervened.
Upfront money was paid to Angelo Gordon & Co. to cancel the sealed-bid auction, allowing Zion to purchase the property first, Green said.
Zion's interim president, Dr. Andrew Lafferty of Methuen, said a verbal agreement has been made, but there are loose ends that must be worked out. He said he is confident the Bradford campus will become Zion's new home.
"I believe Zion will have a positive influence on the community," Lafferty said. "They (students) are the type who will get out and help the community."
Green said he has been eyeing the 18-acre Bradford campus since last year when he was first approached for help by someone from the Assemblies of God headquarters in Springfield, Mo.
But problems with mold and other needed repairs on the aging Bradford campus caused the prospective buyers to walk away.
Green has since reversed course and decided to buy the campus, even with repairs that he estimates will cost $3 million to $5 million.
"Our intent is to get a crew in there and spend some money," Green said. "That's our goal, to have it operating by next fall."
He said he does not mind revealing the sale price, but he prefers that the amount be unveiled by Angelo Gordon & Co., which did not return calls for comment.
Green made his fortune as founder of The Hobby Lobby, a national chain of retail hobby stores headquartered in Oklahoma City. It has 390 stores in 32 states, but none in New England. Forbes magazine said Green is worth $2 billion and is among the nation's 400 richest people.
Hobby Lobby is involved in a variety of national and international ministry projects, Green said.
His donations have helped pay for several real estate purchases similar to the Bradford College sale, and he has paid to send Bibles to more than 120 million homes in Asian nations, he said.
Green said he often buys real estate for religious causes, such as the famous Mel Tillis Theatre in Branson, Mo., which he gave to a church group, or a large building for Liberty University in Virginia, the college founded by the late Jerry Falwell.
"This one here (Bradford College) piques my interest because it seems like it will be a neat Bible school," Green said.
One reason why Green decided to continue pursuing the deal was that city leaders, such as Mayor James Fiorentini, wanted to work with Zion to get the campus up and running, he said.
"The mayor there is going to help us," Green said. "We don't want any shortcuts. But cities can make it very difficult. Our feel is and sense is they are going to work with us there, and we are excited about that."
Zion has been trying to relocate for several years because it wants more space than it has in Rhode Island. It has about 250 students. Bradford College had 600 at its peak.
