Local News in Brief : ‘Jesus Saves’ Church Sold
Los Angeles’ landmark “Jesus Saves” church was sold Tuesday for the third time in three weeks, this time to a partnership of American and Japanese firms that plans to raze the building and erect high-rise offices.
A joint venture of the Koll Co. and Ohbayashi America paid $23.5 million for the 72-year-old Church of the Open Door building, providing a quick $2.5-million profit for developer John Severson.
A private trust used by Severson as a vehicle for real estate dealings acquired the plum downtown property Feb. 17 in a complicated transaction monitored by a federal bankruptcy judge. On that day, the Glendora-based Church of the Open Door sold the building for $20 million to the bankrupt Ninth & Grand Partnership, which in turn sold the building to Severson’s trust for $21 million.
Shigeru Suzuki, president of Ohbayashi America, said the latest owners intend to proceed quickly to build “as much as we can” under zoning laws, estimating that a 30-story building would be possible.
The church, known for its neon “Jesus Saves” signs, was the subject of a bitter, litigious feud between the Church of the Open Door and television preacher Gene Scott, who has vowed to fight demolition.
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