BANKRUPT CRYSTAL CATHEDRAL CAMPUS SOLD FOR APARTMENT CONSTRUCTION
by Moody Adams Greenlaw Partners Development Company will buy Crystal Cathedral Ministries campus for $46 million and build apartments on the site. According to federal bankruptcy court, they are giving the Schuller family the option to buy back the cathedral for $30 million within four years.
The Los Angeles Times reports that Farmers & Merchants Bank, holds a $36-million mortgage on the ministries' real estate with over 550 total creditors. Only a few are expected to recover any money.
Chief Executive Sheila Schuller Coleman, the founder's daughter, will pay $212,000 a month to Greenlaw to lease the cathedral and core elements needed to keep the church in operation for the time being.
Schuler built this extravaganza on the power of positive thinking and a lot of borrowed money. He often featured guests who were not Christians and never presented Jesus as the only way to heaven. He removed his son from pastoring because he preached too much Bible.