Community Corner
Crystal Cathedral Could Be Sold to Newport Beach Firm
The church would lease back the property for 15 years. After four years, it hopes to buy back the cathedral.
The Crystal Cathedral, Orange County's landmark megachurch, will be sold to Greenlaw Partners of Newport Beach, according to bankruptcy court filings.
As part of the deal, the property will be leased back to the church for 15 years. The church will continue its weekly televangelist series "Hour of Power" television broadcast and community outreach programs.
Greenlaw Partners is paying $46 million for the property, which will allow the church to pay off most of its debts.
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Founded by Robert H. Schuller, the church filed for bankruptcy protection in October 2010, stating it owed more than $50 million to creditors, including vendors who helped with the church's holiday services. After four years, the church hopes to buy back the main portions at a fixed price, including the Tower of Hope and cathedral.
"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,'' Pastor Sheila Schuller Coleman said in a statement. ''We are thankful to the vendors for their patience and we are so sorry for any pain that they have incurred."
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