The King’s University Discusses Crystal Cathedral Bid
U.S.A large arts and crafts retailer known for its philanthropic support of Christian causes has offered to purchase the Crystal Cathedral Garden Grove, Calif., property for $47.5 million.
If the bid is successful, the Oklahoma-based Hobby Lobby would lease the property to The King’s University for a year and then donate it to the university. The King’s University is a Pentecostal/Charismatic Bible college and seminary of which Jack Hayford is founder.
“Hobby Lobby Stores Inc. offered the Crystal Cathedral Board of Directors $47.5 million to purchase the Crystal Cathedral property,” says Mart Green, the vice chairman of the board for the retailer and son of founder David Green. “Although Hobby Lobby believes its offer is adequate to pay in full all secured, priority and trade creditors, such an allocation of sale proceeds is not a closing condition. Our offer is in cash, which allows for creditors to be paid back as soon as a sale is completed.”