Crystal Cathedral Bankruptcy
November 18, 2011 by staff
Crystal Cathedral Bankruptcy, A bankruptcy judge chose the Roman Catholic Diocese of Orange as the buyer of the bankrupt Crystal Cathedral for $57.5 million. The decision came after a bidding war between Chapman University and the Diocese.
Judge Robert Kwan made the decision around 7 o’clock Thursday night after an emotional hearing in Santa Ana.
The other bidder — Chapman University — had offered to buy the 40-acre campus at $59 million.
That’s almost $2 million more than what was offered by the Roman Catholic Diocese of Orange.
Chapman had originally bid $51.5 million, but upped the offer to $59 million, excluding a buyback option and right-of-first refusal for the cathedral’s core buildings.
It would have allowed the church to continue its “Hour of Power” broadcasts from the facility.
The church also would have allowed the lease back of the Tower of Hope, among other parts of the campus, for $25,000 per month.
In addition, Chapman offered the ministry access to all the buildings seven days a week, except for the cathedral.
Under the earlier $51.5 million plan, Chapman was willing to offer the core buildings, including the cathedral, the Tower of Hope, Memorial Gardens and Arboretum for a $1 per month lease.
The church would have also had the right of first refusal.
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