Despite recent reports indicating that the fabled megachurch isn’t for sale, the Diocese of Orange has upped the ante, and raised its bid.
Chapman University and the Roman Catholic Diocese of Orange appear to be the front-runners to buy the bankrupt Crystal Cathedral, although a new suitor has emerged, according to documents filed in bankruptcy court Tuesday.
The disclosure statement filed by the creditors committee outlined options for the Garden Grove church to exit Chapter 11.The diocese, according to the documents, increased its cash offer from $50 million to $53.6 million and would require the Crystal Cathedral’s ministry to leave the property after three years. But the diocese would attempt to help it find a new space.
Chapman University amended its original offer of $46 million to $50 million. In a letter dated Aug. 4, the school offered the ministry two individuals related to Chapman with “extensive experience in business, financial and operational strategy.”