Catholic diocese offers to buy Crystal Cathedral

posted July 23, 2011
GARDEN GROVE, Calif. (AP) — A Roman Catholic diocese made a $50 million cash offer to buy Southern California's financially struggling Crystal Cathedral, officials said Friday.

The Diocese of Orange said its proposal could pull the megachurch, which was founded more than 50 years ago by pioneering televangelist Rev. Robert H. Schuller, out of bankruptcy by the end of the year.

The Crystal Cathedral is trying to sell the property and lease back portions of it for use for services to help erase a $36 million mortgage and settle nearly $10 million in unsecured debt. The church has been plagued by financial troubles after a disastrous leadership transition and a devastating slump in donations. the rest