GARDEN GROVE (CBS) — Church officials say the Crystal Cathedral will be sold to avoid bankruptcy.

The church plans to sell the 40-acre campus to a real estate group with the guaranteed option of leasing it back for 15 years, spokesman John Charles of Crystal Cathedral said in a released statement.

It filed for bankruptcy protection in October 2010, stating it owed more than $50 million to creditors, The Los Angeles Times reported.

“The purpose of this plan is to generate funds to repay creditors without affecting the ability of the ministry to operate,” Marc Winthrop, attorney representing the cathedral in bankruptcy court, told The Orange County Register.

“We are pleased that we are able to honor the debt that we have incurred and to honor the creditors who are due their payment,” Pastor Sheila Schuller Coleman said. “We are thankful to the vendors for their patience and we are so sorry for any pain that they have incurred. To pay them back 100 percent has always been a top priority and we are grateful to God for providing the resources to be able to do just that.”

The investor’s name or purchase price has not been released.

(©2011 CBS Local Media, a division of CBS Radio Inc. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed. Wire services contributed to this report.)

Comments (8)
  1. noneoff says:

    There is the seperation of church abd state, but there is also the seperation of church and your money. Why did they go so far into debt? What happened to all the money?

  2. Katherine says:

    Seriously this just creates a slower death for the ministry.
    Church members are aging – there is not vibrancy to the ministry. If the family was serious about ministry growth ALL of his children would step down from their current positions.
    Find a Pastor in which people can truly RELATE to BELIEVE and TRUST!
    If only his son were to return : (((

  3. Jed Bartlett says:

    The New Testament reports that Jesus rarely used fancy modes of transportation to get around. He walked most of the time, although Matthew and other gospels mention that he once rode a borrowed donkey into Jerusalem, where he burst into the Temple and tossed out the money changers.

    Benny Hinn, a TV preacher who runs the World Healing Center Church in Grapevine, Texas. Hinn, who travels the globe conducting faith-healing revivals, lives in a seven-bathroom, eight-bedroom mansion overlooking the Pacific Ocean valued at $10 million. It is claimed as a parsonage.

    The Rev. Creflo Dollar’s World Changers Church International in College Park, Ga. Dollar drives a Rolls Royce and has large homes in Georgia and New York. He is asked to provide a list of all vehicles provided for himself, his wife, board members and ministry employees.

    Paula and Randy White’s Without Walls International Church in Tampa, Fla. In a letter to the ministry, Grassley asks the couple to provide a list of expense account items “including, but not limited to, clothing expenses and any cosmetic surgery for years 2004 to present.”

    Joyce Meyer Ministries in Fenton, Mo. Grassley asks Meyer and her husband David to explain expenditures like a $23,000 commode with a marble top, a $30,000 conference table, an $11,000 French clock and a $19,000 pair of vases for the ministry headquarters.

    Kenneth Copeland Ministries in Newark, Texas. Copeland is asked to explain how cash offerings are handled during overseas crusades and to explain the use of a ministry jet for “layovers” in Maui, Fiji and Honolulu.

    Long’s New Birth Missionary Baptist Church in Lithonia, Ga. Among other things, Long is asked to explain a church official’s 2005 claim that Long no longer accepts a salary from the church but does take a “love offering.”

    Like the other mega churches shown, these guys live very well. A lavish lifestyle their flock must support.

    1. ArmyStud says:

      Dont forget about the famous “Bakers”

      This is why I stay far, far , away for ALL Church People, TWO-FACED…

    2. Tenshi says:

      Those are great preachers. They worked so hard all their lives to get where they are now. Don’t criticize them because they are preachers. You don’t criticize if they were bank executives right?

  4. E. Pastore says:

    The Crystal Cathedral once asked Rev. Ike for one of his Rolls Royce s as a donation to start a new church ministry in San Juan Capistrano during the late 70s.. He gave them a big donation instead. At the time Ike owned 17 Rolls Royce s.

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  6. Olga Trotz says:

    Strange religion !!!!

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