In order to escape bankruptcy, Crystal Cathedral Ministries hopes to sell back and lease its property to a real estate partnership in Irvine.

According to court documents filed this year, the group has chosen Chapter 11 bankruptcy, and has since filed a reorganization plan. There is already one bid for the property, that of Greenlaw Partners, who has already agreed to pay $46 million in cash for the cathedral and additional properties. Greenlaw would then lease the property back to the church. Under this agreement Crystal would have the chance to buy back the property after four years, at the reduced price of $30 million.

The plan must be approved by the cathedrals' creditors, who have so far been skeptical. Greenlaw would profit from the plan by building hundreds of apartments on property that is now parking lots, lawns and small buildings between Dawn Avenue and Lewis Street. Even though they are skeptical, it is in the creditors' best interests to accept this plan, as the ministry is quickly burning through money.

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