Chapman University President James L. Doti sent an email to the school community last week in which he expressed that he and the Board of Trustees are regretful about losing the bid over the Crystal Cathedral ministry’s property to a Catholic diocese, but suggested the school is ready to move on.
Chapman University lost the case over the purchase of the Garden Grove, Calif.-based ministry’s signature property on Nov. 17 to the Roman Catholic Diocese of Orange, having made and lost its final bid on Nov. 16. University officials offered to pay $59 million in cash as a last resort bid, but were turned down. The school was also offering the megachurch a chance to buy back the property within the next 30 years for $30 million, with a financing option, university spokesperson Mary Platt told The Christian Post Monday.
Doti sent an email to the Chapman community last week, in which he expressed his disappointment over the turn of events, saying that the Board of Trustees and a special committee of the Board viewed the opportunity as a long-run investment that would give the university land and buildings for future development.
“Acquiring 30 plus acres and architecturally stunning buildings in relatively close proximity to our campus made it an opportunity too good to pass up,” Doti wrote. “While the bidding process turned out to be quite a horse race, we lost in the final stretch.”
The president said he is not planning to appeal the court’s final decision.
“I believe the free market system worked. Quite simply, the Catholic Church wanted the Crystal Cathedral more than we did and, therefore, was willing to pay more for it,” Doti wrote.
Source: Christian Post | Luiza Oleszczuk
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