Crystal Cathedral Bankruptcy: Orange Diocese Increases Bid For Famous Church
The Diocese of Orange, realizing that it would cost them upwards of $100 million to build a new church the size of the Crystal Cathedral have upped their bid for the bankrupt organization from $50 million to $53.6 million.
The church was put on the auction block earlier this year when founder Rev. Robert Schuller and his “Hour of Power” organization announced that they would file for bankruptcy to cover $50 million owed to creditors.
Other company’s in the $50 million price range have included prominent evangelist David Green who owns crafts retailer Hobby Lobby and Chapman University.
The board of the Crystal Cathedral Ministries has said they won’t sell the property and they have launched a fundraising drive to save the campus, however their creditors committee must review all bids and present them in bankruptcy court, which would force a sell off should they not raise the required money needed to pay off creditors.
In an August 9 statement Orange Diocese said they wanted to:
“See creditors satisfied, adequately provide for all constituents and stakeholders, and accommodate the Diocese of Orange’s need for a new cathedral, while respecting the CCM ministry and its legacy.”
The Orange Diocese says their $53.6 million will be paid in cash immediately following their winning bid and $3.6 million from their bid could be used to pay rent on the space for two years, allowing CCM to remain until they can find a new home.
Under the Orange Diocese agreement they would also find “alternative worship space of at least 50,000 square feet to allow CCM to continue its ministry for up to 15 years, with rent to be equal to 90 percent of fair market value.”