Crystal Cathedral Considers Real Estate Offers

Associated Press
Monday, July 25, 2011
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GARDEN GROVE, Calif. - A Roman Catholic diocese has submitted a formal bid for Southern California's financially struggling Crystal Cathedral.

The Diocese of Orange said Friday it made a $50 million cash offer to buy the sprawling property that features a glass spire that can be seen from miles away in Orange County.

Crystal Cathedral officials also are mulling offers from Chapman University, which is considering building a medical school on the site, a Norco-based church that also made a $50 million offer, and a Newport Beach real estate investment firm.

The California megachurch was founded more than 50 years ago by pioneering televangelist Rev. Robert H. Schuller.

The church is trying to sell the property and lease back portions of it for use for services to help pay its $36 million mortgage and nearly $10 million in unsecured debt.

Copyright 2011 by The Associated Press. All Rights Reserved.

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Associated Press

Associated Press

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