Chapman University’s New Bid For Crystal Cathedral Turned Down
GARDEN GROVE (CBS) — Chapman University, which lost out to the Orange County Roman Catholic Diocese in a bid to acquire the bankrupt Crystal Cathedral, made a last-ditch effort this week to acquire the Garden Grove mega-
church’s property, but was turned down, a university spokeswoman said Wednesday.
Chapman officials offered to pay $59 million in cash with an immediate closing, while also giving Crystal Cathedral Ministry the chance to buy back the property for $30 million. Chapman offered to finance all of the repurchase
over 30 years with no down payment.
Under the proposal, interest rates would be 4 percent for the first five years with $100,000 monthly payments, and 6 percent for each year after that, amounting to $2.32 million annually, and Crystal Cathedral Ministry could rent part of the Family Life Center for three years for $10,000 a month.
The ministry’s board considered the offer at a Tuesday meeting, but rejected it, Chapman University spokeswoman Mary Platt said.
“They turned us down — said they felt committed to take the Catholic Diocese offer,” Platt said.
A call requesting comment from the Diocese was not immediately returned.
Last Thursday, U.S. District Judge Robert Kwan ruled the diocese had the best plan for paying off the mega-church’s $51.7 million debt.
The Diocese agreed to pay $57.5 million, and the ministry’s board members designated the Diocese as the preferredbuyer because they did not think Chapman had a buy-back option. The ministry’s board also felt the
cathedral should remain in the hands of Christian religious leaders, and liked that the Diocese would allow the ministry to relocate to nearby St. Callistus Church, 12921 Lewis St.