I have to laugh as this just reminds of WCG having to dump the Pasadena property because of failing income. Grandiose religious schemes and mega churches are turning into money pits all over the country!
Crystal Cathedral Sells Property for $46M in Bankruptcy Exit Plan
By Elena Garcia | Christian Post Reporter
The Crystal Cathedral, seeking a way to resolve its debt woes, will sell its church and 40-acre campus for $46 million to an Orange County developer, according to the federal bankruptcy plan filed Friday.
Greenlaw Partners of Newport Beach will buy the property in Garden Grove, Calif., and plans to build apartments on the land, the Chapter 11 exit plan filed at the federal courthouse in Santa Ana disclosed.
The real estate developer will lease the property back to Crystal Cathedral for $212,000 a month and guarantee exclusive lease rights for 15 years, according to the reorganization plan.
The church administration will have the option of buying back the church, the landmark venue of its "Hour of Power" broadcasts, for $30 million within the next four years.
The bankruptcy plan is awaiting approval. It could be approved as early as late summer.
Crystal Cathedral, whose founder is Robert H. Schuller, has been looking for an exit strategy from its millions of dollars in debt ever since filing for Chapter 11 bankruptcy protection last October.
