Orange diocese raises bid for Crystal Cathedral
CWN - November 10, 2011
The Diocese of Orange, California, has raised its bid for the Crystal Cathedral, offering $55.4 million for the property.
The Orange diocese has moved to block the sale of the property to Chapman University, which has now raised its own offer to $51.5 million. The Crystal Cathedral ministry, which is in bankruptcy, preferred the Chapman bid, because it would allow for the current owners to lease back the cathedral and perhaps eventually re-purchase it. However, a lawyer for the Crystal Cathedral has now indicated that the bid by the Orange diocese is also acceptable.
The bankruptcy court will now choose between the two offers.
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