Skip to comments.Crystal Cathedral Sells Property for $46M in Bankruptcy Exit Plan (Buyer to build apartments)
Posted on 05/28/2011 6:49:26 PM PDT by SeekAndFind
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.
Only a portion of the 550 creditors listed in the filings were designated as eligible for full repayment. The California megachurch plans to pay back any remaining vendor debt over the next 42 months.
The reorganization plan also revealed that Chief Executive Sheila Schuller Coleman, the founder's daughter, will receive a salary of around $70,000 a year.
A chief financial officer will be hired by the church and receive a salary of no more than $300,000 a year, the filings reported.
"We are pleased that we are able to honor the debt that we have incurred and to honor the creditors who are due their payment. We are thankful to the vendors for their patience and we are so sorry for any pain that they have incurred. To pay them back 100 percent has always been a top priority and we are grateful to God for providing the resources to be able to do just that," said Coleman in a statement ahead of the exit plan filings Thursday.
"The Crystal Cathedral Ministries would like to thank our church members and friends around the world who have given from their hearts to help rebuild a solid foundation from which we can continue our ministry and launch the new vision for the Crystal Cathedral Ministries."
Crystal Cathedral said the exit plan does not affect its current ministries. It will continue its local worship services and community outreach programs as well as its weekly "Hour of Power" broadcast as it has for the past 50 years.
That sure will be one big apartment. LOL!
My inlaws are interred in the memorial gardens there. Paid tens of thousands for their crypts too. What will be done with them when the church is gone?
that is a very good question. Please let us know what you find out. I’d find out quickly too.
Sad in many ways.
When I;m in the OC from Hollywood, I try to pass by the CC because it really is a marvel to look at.
Wherever they end up, I’m sure God can find them whenever He might need them.
I don’t think anything is going to happen tot he graveyard.
Read the article... it says :
“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.”
I feel terrible about the Crystal Cathedral being sold. I was brought up watching the service by Rev. Robert Schuller on t.v.
When I married and moved to CA, my husband and I visited the Cathedral. It was so beautiful and we did see the beautiful gardens. That was in the 1980’s.
passion, I will pray that all will work out for you and your departed loved ones.
Sad that the folks got sucked into the ‘tens of thousands’ by televangelists. Crystal’s “Gloooory of Easter” TV commercials told me decades ago that this was just another mega-”Church” scheme.
My wife was an angel in The Glory of Easter. Not so relevant, but it was interesting to see you mention it ...
Oh, ok never mind! Note to self: read article before posting!
Sunday AM, drive-in to the "service".
“Didn’t Schuller get his start by sermonizing in a drive-in theater in the 1950s?...”
That reminds me of Steve Martin (comedian) when starting out and taking any job like telling jokes at drive-in theaters before the start of the movies and during the intermissions by standing in the playground area with a microphone. He said when he told a really funny joke his instantaneous feedback consisted of flashing headlights and/or wipers moving across the car windshields. Horns for the really really funny ones.
Wonder how the drive-in congregation handled ‘amen’
Good question, but I'm sure it was mostly respectful...
On Martin: I'm surprised that those jobs were still around when Martin started.
As Vaudeville was fading away, movie theaters would hire acts to
I wonder who wold like to live in such a glassy place?
Perhaps a certain congress-critter from NY if he can be forced to resign for starters!?