A Christian megachurch in California will become part of a college campus as part of a bankruptcy deal.
The Crystal Cathedral's board of directors has accepted Chapman University's offer to purchase the church and its campus for $50 million if it cannot raise the appropriate funds to avoid selling it.
"Though the preferred outcome of this bankruptcy is to raise the funds needed for the ministries to remain the owner of the entire campus, there loomed a deadline imposed by the creditors' committee to select between two offers approved by the committee," said Dr. Robert Schuller, the church's founder.
The university will use the property for a medical school or other health science courses, according to university spokeswoman Mary Platt.
Under the deal, the church will be allowed to use buildings on the Garden Grove campus and maybe buy them back sometime in the future.
Chapman President James L. Doti said he believes this is a good decision for the ministry.
"All the creditors will be paid," he told the LA Times. "And the Crystal Cathedral ministries will continue."
Schuller also praised the decision to sell to Chapman in a statement.
"Chapman is an esteemed educational institution and we are compatible in many ways," he said. "If Chapman emerges as the owner of the Crystal Cathedral campus, we will welcome the future students and faculty with all that our positive faith has to offer."
He went on to say "In the meantime, we look forward to focusing on our new dream: buying the core campus back."
The Roman Catholic Diocese of Orange also made an offer for $53.6 million. If the sale went through, the ministry would have had to relocate.
The cathedral was founded by Dr. Robert Schuller in 1955. It was the location of the famous broadcast of "Hour of Power."
In Oct. 2010 the church was $43 million in debt and filed for Chapter 11 bankruptcy.