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.
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.READ MORE: Garcetti: 88,000 Vaccines To Be Given Out During The Week At City Sites
The offer was approved by Chapman’s board of trustees in June.READ MORE: 'I Was Desperate': Prince Harry And Meghan's Bombshell Interview
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: Woman, Child Found Dead Inside Rancho Cucamonga Home
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