Hour Of Power Sells Tower Of Insolvency

By
Real Estate Appraiser with Donovan Group Realty

Garden Grove Mega ChurchThe Reverend Robert Schuller began as a preacher in the '50s, giving his sermons at a SoCal drive in movie theater. By the 1970's he became internationally known through his 'Hour of Power' TV evangelism show. 

In 1980, Schuller opened the Crystal Cathedral in Garden Grove CA. The amazing structure featured a 2,900 seat, glass paneled church. The 10,664 mirrored panes of glass gleam in the sun and have attracted people from all over the world to worship there are just to marvel at it's impressive beauty.

In 2006 Shculler tried to transfer the church to his son, but just about everything that could go wrong did. Through bad management and decreasing donations, the Crystal Cathedral eventually filed for bankruptcy in 2010.

A local real estate development group has now agreed to acquire the property for $47M, which will help cover the cathedrals $36M mortgage and nearly of its unsecured debt which is approximately $10M.

 

The group plans to divide the 40 acre parcel into 5 separate parcels, building multi family units on 2 parcels and a parking lot on a 3rd parcel. The leaders of the Crystal Cathedral have stated that they will be leasing the church buildings back from the new owners, and day to day operations and worship services will go on uninterrupted.

--Andrew

Posted by

Andrew McGrath - South Coast Metro Orange County

Comments (1)

Donald Reich
Prudential Centennial - New Rochelle, NY

Well they have a lot of real estate to sell off. A catholic group is doing something similar in my market. IF it allows them to continue providing the services that they do, then good for them!!!

May 28, 2011 04:41 PM