With over 550 creditors, and around 50 million dollars owed, (a 36 million dollar mortgage), the Crystal Cathedral is being sold to a real estate investment group to pull the church out of bankruptcy. LA Times:
Under the proposed plan, the 40-acre campus would be sold to a real estate investment group, which alleviates financial pressure from a $36-million mortgage, Charles said. He would not divulge the sale price or the investment group.
The church also has a guaranteed option of leasing the campus for 15 years. After four years, the church can buy back the core portions, including the 10,000-pane cathedral, the 13-story Tower of Hope, the welcome center and the cemetery.
“It’s great news,” Charles said. “It gives us the opportunity to pay everybody off and start fresh.”
The only building the church cannot buy back is the four-story Family Life Center on the campus, said Marc Winthrop, a bankruptcy lawyer for the church. The center is already for sale.