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PTL has officially been sold to Toronto real estate investor Stephen Mernick, but spurned suitors for the television ministry have left the door open to appeal the decision.

U.S. Bankruptcy Judge Rufus Reynolds signed an order Wednesday formally selling the assets of the Christian ministry to Mernick for $65 million. That gives Mernick 11 days to come up with a $3.25 million deposit and 41 days until he can assume administration and operation of PTL.PTL has been in bankruptcy court since June 1987, three months after its founder, Jim Bakker, resigned in a sex and money scandal.

The Rev. Sam Johnson, pastor of Heritage Village Church at PTL and president of Heritage Ministries, said he hasn't given up his hope to buy Fort Mill, S.C.-based PTL.