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May 29, 2011 | 5:37 pm
Crystal Cathedral to be bought for apartment construction
Posted by Brad A. Greenberg
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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.
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