Posted on 05/26/2011 10:54:04 PM PDT by jeannineinsd
GARDEN GROVE Crystal Cathedral Ministries will sell its gleaming glass sanctuary and tower that have been an Orange County landmark for decades as a way to emerge from bankruptcy, pay its creditors and erase its $36 million mortgage, officials said Thursday.
The church plans to sell the campus to a real estate investment group with a guaranteed 15-year leaseback and an exclusive four-year, fixed purchase buyback option on the core church campus, which includes the iconic glass sanctuary and Tower of Hope, according to a news release posted on the church's website.
Marc Winthrop, the attorney representing the cathedral in bankruptcy court, said the plan will ensure that the church can continue its ministry and other programs unhindered.
"The purpose of this plan is to generate funds to repay creditors without affecting the ability of the ministry to operate," he said.
No details have been released about the purchase price or the identity of the investor. But Winthrop confirmed that "there is a buyer and a seller." The church owes about $7.5 million to unsecured creditors including many longtime vendors who provided services for its annual Christmas and Easter pageants.
Church administrators say the cathedral will continue its local worship services, community outreach programs and its weekly "Hour of Power" broadcasts. Also, the plan will immediately eliminate both the church's mortgage and the majority of its vendor debt, they say. Any remaining vendor debt will be repaid over the next 42 months, officials say.
Senior Pastor Sheila Schuller Coleman, who took over leadership of the megachurch from her father and founder, Robert H. Schuller, said this plan was picked over other proposals because it repays the vendors quickly without interrupting the ministry's work.
(Excerpt) Read more at ocregister.com ...
If He were to come back, would he recognize his following?
Just wondering.
I say that, because they are attaching electrodes to the tortured bodies of suffering Christians in "Camp Yodok", North Korea, as we speak--on this very same, small planet--a 13 hour plane ride from Orange County, California. There could not be a greater contrast sometimes between various flows of Christianity worldwide.
That pay may be just for the radio show “Hour of Power”. Not the rest of the operation.
My husband’s salary is in that range, and we live in a cheap Southern suburb. That isn’t extravagant pay for California - although it might be judged excessive in the circumstances by the bankruptcy court.
As the other poster observed, it’s nothing compared to what top educators like the Assistant Administrator in Charge of Being A Board Member’s Latest Babymama get for their massive services to the public. Even around here.
Your right , just the Schullers alone are pulling almost 400 k a year out of there.
Any church based on one charismatic preacher rather than on the Gospel will ultimately fail.
“You received free, give free”?
One could argue if you don’t preach the Gospel of Jesus Christ and hone in on something like “possiblity thinking” eventually when the charismatic leader is out of the picture ( Bob Schuller) it will implode on itself...just saying here...
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