Among other things, this means the diocese can continue exploring options to build its own new cathedral.
Details, from the Los Angeles Times:
Chapman University has been picked by the board of the bankrupt Crystal Cathedral as the preferred buyer of the Garden Grove property.
Under the plan, Chapman University would purchase the campus for $50 million and allow the church ministry to lease and eventually buy back its core buildings.
Chapman President James L. Doti said he had not spoken to the board about the decision, but believes it is the right one for the ministry, founded by Robert H. Schuller in 1955.
“All the creditors will be paid,” he said. “And the Crystal Cathedral ministries will continue.”
The landmark church, with 10,000 panes of glass, filed for bankruptcy last October, citing more than $50 million in debt. It is a ministry that has been mired in turmoil throughout the last several years, beginning with the resignation of Robert A. Schuller, the founder’s son, as pastor in 2008.
There’s more at the link.