Quantcast

Jewish Journal

Crystal Cathedral to be bought for apartment construction

by Brad A. Greenberg

May 29, 2011 | 5:37 pm

I’m not sure if this qualifies as continuing bad news for the Crystal Cathedral or a bit of good news amid bankruptcy reorganization. From the New York Times:

Crystal Cathedral Ministries, known for the towering Orange County megachurch where “Hour of Power” is taped, has agreed to sell its campus to a real estate investment group as part of a plan to emerge from bankruptcy.

The real estate group, Greenlaw Partners, is paying $46 million for the property — almost exactly the same as the amount that the Crystal Cathedral owes its creditors. The sale will allow the church to “immediately eliminate” most of its debts, while continuing religious services at its current location and broadcasts of “Hour of Power,” according to church officials.

The Los Angeles Times reports that the developer will build apartments on the Disneyland-adjacent property but will lease back the cathedral to the church for continued use.

{--Tracker Pixel for Entry--}

COMMENTS

We welcome your feedback.

Privacy Policy
Your information will not be shared or sold without your consent. Get all the details.

Terms of Service
JewishJournal.com has rules for its commenting community.Get all the details.

Publication
JewishJournal.com reserves the right to use your comment in our weekly print publication.

ADVERTISEMENT
PUT YOUR AD HERE
  • Trending Blog Posts

    SHARES

    {/exp:tracker:rank} --}

ABOUT THE AUTHOR

{blog_image:alt}

Since launching the blog in 2007, I’ve referred to myself as “a God-fearing Christian with devilishly good Jewish looks.” The description, I’d say, is an accurate one,...

Read more