The Bethany University campus has been sold to a Christian college based in San Francisco.
Rev. James Braddy announced to constituents via e-mail on Monday that the initial paperwork had been signed and the beginnings of a down-payment made by San Francisco-based Olivet University to purchase the Bethany campus in Scotts Valley.
Bethany closed its doors in June amidst serious financial difficulties.
Braddy, the Assemblies of God California and Nevada District Superintendent, said that Olivet will begin to occupy the campus and plans to open classes starting in September.
Details of the sale are still being finalized and no figures were immediately available related to the sale. However, in 2009 tax documentation showed the campus valued at just over $9 million.
Olivet is accredited by the Association for Biblical Higher Education to award certificates, bachelor and master’s degrees.
According to the Olivet Web site, the school offers certificates in ESL and languages; undergraduate degrees in theology, music, journalism, graphic design, info technology, business and masters degrees in divinity, theology, music, journalism, graphic arts, info technology, translation/interpretation and an MBA.
Braddy said Olivet is sponsored by the Evangelical Assembly of Presbyterian Churches, which is a member of the National Association of Evangelicals and the World Evangelical Alliance.
Braddy noted that Bethany’s transcripts and student accounts will move to the Assemblies of God Sacramento office until July 2012 when they will move to Vanguard University in southern California.
