Crystal Cathedral For Sale…Again
First Crystal Cathedral was up for sale, with the Diocese of Orange making a bid to convert Crystal Cathedral into a legit Catholic cathedral. Next, Crystal Cathedral was pulled off the market in favor of a fundraising campaign to save the ailing church. Now, Crystal Cathedral’s creditors have presented an ultimatum: sell or be sued. From the article:
The creditors filed a plan in U.S. Bankruptcy Court Tuesday afternoon calling for the sale of the Garden Grove landmark for at least $50 million despite the church’s recent announcement that the Crystal Cathedral is not for sale.
If the family of founding pastor Robert H. Schuller cooperates, they can help choose the buyer and lease back the cathedral, according to the plan. If they try to block the sale, the creditors will push it through anyway – and then sue church insiders for taking allegedly unjustified pay in the years before the cathedral went bankrupt, the plan says.
The Diocese of Orange has increased its bid from $50 million to $53.6 million, maintaining it’s status of having the highest bid. When the church initially went up for sale, their preferred bidder was Greenlaw Partners. Now, Greenlaw doesn’t appear in the creditor’s plan, so it’s unclear who may be favored to purchase the church in the near future.