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Bankrupt Crystal Cathedral for sale to pay $35M debt

Crystal Cathedral, located in Garden Grove, Calif., is millions of dollars in debt.

May 27, 2011 12:00:00 AM PDT
A Southern California landmark may be up for sale. And there's word of a buyer.

The Crystal Cathedral is hoping to climb out of Chapter 11 bankruptcy. It wants to sell its 40 acres of property to real estate investors.

The Garden Grove mega church is $35 million in debt and could repay vendors, who are owed $7.5 million, if a bankruptcy court approves the sale. The investors would develop some of the land but lease back the core campus to the church for at least 15 years, with the option of buying it back at a fixed price after four years.

Crystal Cathedral church services and the weekly "Hour of Power" TV broadcast will continue uninterrupted.

The investor's name or purchase price has not been released.

The Associated Press contributed to this story