Roman Catholic Diocese of Orange made a $50M offer to buy Southern California’s struggling Crystal Cathedral -
Officials announced Friday that the Roman Catholic Diocese of Orange made a $50 million cash offer to buy Southern California’s financially struggling Crystal Cathedral. The site in Garden Grove, California, has been the home for Crystal Cathedral Ministries lead by televangelist Rev. Robert H. Schuller for more than 50 years. The current structure was designed by famed architect Philip Johnson and dedicated in 1980. The Crystal Cathedral is the recording location for Schuller’s internationally televised “Hour of Power,” and home of the over 10,000 member congregation.
The Diocese of Orange said its proposal could pull the megachurch out of bankruptcy by the end of the year. The Crystal Cathedral is trying to sell the property and lease back portions of it for use for services to help erase a $36 million mortgage and settle nearly $10 million in unsecured debt. The church has been plagued by financial troubles after a disastrous leadership transition and a devastating slump in donations.
The church is also mulling several other offers. A real estate investment firm offered $46 million, as did Chapman University, which is considering building a medical school on the sprawling campus. A Norco-based church, My Father’s House Church International, also made a $50 million offer for the property, which includes the famous 234-foot glass-spired church designed by architect Philip Johnson.
Read more -
http://www.theblaze.com/stories/catholic-diocese-makes-bid-for-crystal-cathedral-megachurch/
Officials announced Friday that the Roman Catholic Diocese of Orange made a $50 million cash offer to buy Southern California’s financially struggling Crystal Cathedral. The site in Garden Grove, California, has been the home for Crystal Cathedral Ministries lead by televangelist Rev. Robert H. Schuller for more than 50 years. The current structure was designed by famed architect Philip Johnson and dedicated in 1980. The Crystal Cathedral is the recording location for Schuller’s internationally televised “Hour of Power,” and home of the over 10,000 member congregation.
The Diocese of Orange said its proposal could pull the megachurch out of bankruptcy by the end of the year. The Crystal Cathedral is trying to sell the property and lease back portions of it for use for services to help erase a $36 million mortgage and settle nearly $10 million in unsecured debt. The church has been plagued by financial troubles after a disastrous leadership transition and a devastating slump in donations.
The church is also mulling several other offers. A real estate investment firm offered $46 million, as did Chapman University, which is considering building a medical school on the sprawling campus. A Norco-based church, My Father’s House Church International, also made a $50 million offer for the property, which includes the famous 234-foot glass-spired church designed by architect Philip Johnson.
Read more -
http://www.theblaze.com/stories/catholic-diocese-makes-bid-for-crystal-cathedral-megachurch/
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