Orange County News
Diocese of Orange offers $50M bid for Crystal Cathedral
GARDEN GROVE, Calif. (KABC) -- The Roman Catholic Diocese of Orange has submitted a $50 million bid to buy the Crystal Cathedral.
Crystal Cathedral officials are also mulling over other offers. One is from Chapman University, which is considering building a medical school on the site.
A Norco-based church and a Newport Beach real estate investment firm have also made offers.
The Crystal Cathedral filed for Chapter 11 bankruptcy protection last year. The cathedral aims to sell the property and lease back portions for use as a way to help erase its $36 million mortgage and wipe out almost all of the $10 million in unsecured debt.
finance, orange county news
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