Crystal Cathedral Nixes $47M Sale To Developer

Law360, New York (July 13, 2011, 3:02 PM EDT) -- A bankruptcy judge on Tuesday reportedly gave Crystal Cathedral Ministries permission to entertain new offers for its 35-acre Southern California campus after the church backed out of a $46 million deal to sell the property to a real estate developer.

Crystal Cathedral said on Monday that its board had decided not to proceed with a plan to name Greenlaw Partners LLC as the stalking horse bidder for the property, according to a report by the Los Angeles Times. Greenlaw had hoped to buy the property and...
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