GARDEN GROVE (AP) — Chapman University has offered to buy property belonging to Crystal Cathedral Ministries, which filed for Chapter 11 bankruptcy protection late last year.
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The university said Tuesday that the $46 million offer would provide growth opportunities for the Southern California university. University spokeswoman Mary Platt says the space might be used for additional classrooms.
The offer was approved by Chapman’s board of trustees in June.READ MORE: Inside SoCal: 11/28 Wrap-Up
Under the plan, the Crystal Cathedral Ministries could lease back the cathedral and other properties for services. The deal also includes a purchase provision the church could exercise within the first four years of the lease.
The church developed by “Hour of Power” televangelist Robert Schuller filed a plan in May to pull the Crystal Cathedral out of crushing debt by selling off properties.MORE NEWS: Sunday Expected To Be Busiest Travel Day Of Thanksgiving Season At LAX
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