MERGERS & ACQUISITIONS
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Crystal Cathedral completes sale to Catholic Diocese
Escrow closed on the $57.5 million court-ordered sale on Friday.
by Caitlin AdamsPublished: February 06, 2012 10:05 AM
The Roman Catholic Diocese of Orange is now officially the owner of Garden Grove’s iconic Crystal Cathedral, following the close of escrow proceedings on the property on Friday.
The property was the subject of a court-ordered bankruptcy sale following Crystal Cathedral Ministry’s filing for Chapter 11 in 2010, owing about $60 million to various creditors. The two main bidders vying to purchase the 30.9-acre campus and its associated buildings were Chapman University and the Catholic Diocese, with each side increasing their purchase offers. While at the outset it appeared that Chapman’s offer was favored, due to a clause that would allow the Ministry to repurchase core buildings on the campus (including the Crystal Cathedral itself), the Cathedral’s board had a last-minute change of heart and selected the Catholic Diocese’s offer, which was a higher dollar figure.
The close of escrow on the $57.5 million sale means that the formal transfer of title has been completed. While the Diocese is now the full owner of the campus and buildings, use of the Cathedral and property by the Catholic congregation will not occur for some time. Under the terms of the purchase agreement, Crystal Cathedral Ministries can remain and worship at its former home for three more years, leasing it back from the Diocese for $100,000 per month for the first year, and $150,000 per month for the next two years. At the end of that time, the Ministry would be required to move to another place to continue services, possibly a nearby Catholic church; the Diocese has offered to facilitate a long-term lease of St. Callistus Church in Garden Grove.
When the Diocese does assume full use of the property and before it begins services in the Crystal Cathedral, a few architectural changes will be made to the building to make it appropriate for the Catholic liturgy. However, Bishop Tod Brown has said that the Diocese aims to maintain the integrity of the Cathedral’s status as a landmark.
“Our goal is to preserve an already cherished religious landmark and to enhance its worship use for Orange County Catholics and all people of faith who may be inspired by this wonderful, now Catholic, cathedral,” Brown said
Another change to come is the renaming of the Cathedral. Brown told the O.C. Register that he will ask members of the Diocese to help in coming up with a new name for the building. The only condition is that the new name is something involving Christ.
It remains to be seen whether the church that drew millions from around the globe will ever be known – colloquially, at least –– as anything other than the Crystal Cathedral.
Related headlines
Diocese of Orange to buy Crystal Cathedral
Crystal Cathedral decision delayed
Chapman increases Crystal Cathedral purchase offer
Readers Feedback:
Why not Christ's Cathedral? Simple and to the point too!
Comment at 2/6/2012
Mr. Olson,
I am writing in regards to your article about the La Pieta replica that the Bishop Gereld Barnes Blessed in Corona. My Father purchased the one of a kind made out of Michelangelo's original Marble quarry in Rome which is no longer there. This Statue is made out of Marble and was made in the 1960's. It weighs over 16 tons. My Father has all the paperwork on this statue which he bought from a Museum of Art in Anaheim. They had to cut a hole in the roof to remove it. This statue was on auction on EBay and had bids in from all over the world. My Father purchased it. I would like to contact the Crystal Cathedral in which it was recently bought, due to the statue is for sale.
Please contact me if you could help or are interested in any information I can give.
Thank You
Debra Staylor
CORONA: Bishop blesses replica of famed La Pietá statue
TERRY PIERSON/STAFF PHOTOGRAPHER
Marty Narveson, 49, of Corona, takes a moment to touch and admire La Pietá at St. Mary Magdalene Catholic Church on Wednesday in Corona.
BY DAVID OLSON
BY DAVID OLSON The Press Enterprise
STAFF WRITER
Comment at 2/6/2012
I think any time the Catholic Diocese is involved it is a disaster. Why not keep the name and preserve the Crystal Cathedral as it is.
Comment at 2/7/2012
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The property was the subject of a court-ordered bankruptcy sale following Crystal Cathedral Ministry’s filing for Chapter 11 in 2010, owing about $60 million to various creditors. The two main bidders vying to purchase the 30.9-acre campus and its associated buildings were Chapman University and the Catholic Diocese, with each side increasing their purchase offers. While at the outset it appeared that Chapman’s offer was favored, due to a clause that would allow the Ministry to repurchase core buildings on the campus (including the Crystal Cathedral itself), the Cathedral’s board had a last-minute change of heart and selected the Catholic Diocese’s offer, which was a higher dollar figure. The close of escrow on the $57.5 million sale means that the formal transfer of title has been completed. While the Diocese is now the full owner of the campus and buildings, use of the Cathedral and property by the Catholic congregation will not occur for some time. Under the terms of the purchase agreement, Crystal Cathedral Ministries can remain and worship at its former home for three more years, leasing it back from the Diocese for $100,000 per month for the first year, and $150,000 per month for the next two years. At the end of that time, the Ministry would be required to move to another place to continue services, possibly a nearby Catholic church; the Diocese has offered to facilitate a long-term lease of St. Callistus Church in Garden Grove. When the Diocese does assume full use of the property and before it begins services in the Crystal Cathedral, a few architectural changes will be made to the building to make it appropriate for the Catholic liturgy. However, Bishop Tod Brown has said that the Diocese aims to maintain the integrity of the Cathedral’s status as a landmark. “Our goal is to preserve an already cherished religious landmark and to enhance its worship use for Orange County Catholics and all people of faith who may be inspired by this wonderful, now Catholic, cathedral,” Brown said Another change to come is the renaming of the Cathedral. Brown told the O.C. Register that he will ask members of the Diocese to help in coming up with a new name for the building. The only condition is that the new name is something involving Christ. It remains to be seen whether the church that drew millions from around the globe will ever be known – colloquially, at least –– as anything other than the Crystal Cathedral. Related headlines Diocese of Orange to buy Crystal Cathedral Crystal Cathedral decision delayed Chapman increases Crystal Cathedral purchase offer |
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Readers Feedback:
Why not Christ's Cathedral? Simple and to the point too!
| Comment at 2/6/2012 |
Mr. Olson,
I am writing in regards to your article about the La Pieta replica that the Bishop Gereld Barnes Blessed in Corona. My Father purchased the one of a kind made out of Michelangelo's original Marble quarry in Rome which is no longer there. This Statue is made out of Marble and was made in the 1960's. It weighs over 16 tons. My Father has all the paperwork on this statue which he bought from a Museum of Art in Anaheim. They had to cut a hole in the roof to remove it. This statue was on auction on EBay and had bids in from all over the world. My Father purchased it. I would like to contact the Crystal Cathedral in which it was recently bought, due to the statue is for sale.
Please contact me if you could help or are interested in any information I can give.
Thank You
Debra Staylor
CORONA: Bishop blesses replica of famed La Pietá statue
TERRY PIERSON/STAFF PHOTOGRAPHER
Marty Narveson, 49, of Corona, takes a moment to touch and admire La Pietá at St. Mary Magdalene Catholic Church on Wednesday in Corona.
BY DAVID OLSON
BY DAVID OLSON The Press Enterprise
STAFF WRITER
| Comment at 2/6/2012 |
I think any time the Catholic Diocese is involved it is a disaster. Why not keep the name and preserve the Crystal Cathedral as it is.
| Comment at 2/7/2012 |
