The board of the famed but bankrupt Crystal Cathedral that Robert H. Schuller founded has picked Chapman University as the preferred buyer of the Southern California property.
Under the plan, the Orange, Calif.-based Chapman would buy the campus for $50 million and allow the church ministry to lease and eventually buy back its core buildings, reports the
Los Angeles Times.
The creditors committee is expected to designate the school as the buyer in bankruptcy court filings due Monday.
The Roman Catholic Diocese of Orange (California) previously had been seen as the top buyer, with a plan to buy the campus for $53.6 million. However, under the Catholic plan, the Crystal Cathedral ministry would have to find a new home.
Chapman President Jim Doti said he has not spoken to the board about the decision but believes it is the right one for the church.
“I think it’s appropriate and in the interest of the church for its ministry to continue,” he told the Times.
A hearing to approve an exit plan is set for Nov. 14. The cathedral filed for bankruptcy last October, citing more than $50 million in debt.
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