LOS ANGELES — Crystal Cathedral Ministries, known for the towering megachurch where “Hour of Power” is taped, has agreed to sell the church’s campus, in Orange County, to a real estate investment group as part of a plan to emerge from bankruptcy.

The sale will allow the church to “immediately eliminate” most of its $46 million in debts, while continuing religious services at its current location and broadcasts of “Hour of Power,” according to church officials.

“We are pleased that we are able to honor the debt that we have incurred,” Sheila Schuller Coleman, the church’s senior pastor, said. “To pay them back 100 percent has always been a top priority, and we are grateful to God for providing the resources to be able to do just that.”

Founded by the Rev. Robert Schuller in 1955, the church is considered the nation’s first modern megachurch by many church historians. Schuller’s upbeat, optimistic message resonated with people across the country. At the church’s peak in the 1980s, 2 million viewers tuned into the program every week, while more than 10,000 worshipers filled the pews at the landmark glass sanctuary in Garden Grove.

Since Schuller stepped down as senior pastor in 2006, however, Crystal Cathedral has been shaken by crises. Plans to hand the pulpit to his son, the Rev. Robert Schuller, went awry, and Schuller’s daughters and their husbands took control of the church in 2008.

Meanwhile, changes in the religious broadcasting industry and overly ambitious building at the campus combined with the economic downturn to land the church in severe financial trouble. Last year, Crystal Cathedral laid off workers, canceled its “Glory of Easter” pageant and filed for bankruptcy protection in October. The church owes debts to about 550 creditors, including businesses that helped stage holiday services.

The sale of the 40-acre campus includes an exclusive lease agreement that will allow Crystal Cathedral Ministries to continue to operate at its current location. After four years, the church will also have an option to buy back almost all of the property it is now selling.

Church officials have not disclosed the price of the sale or the name of the investment group, and Crystal Cathedral did not respond to requests for comment. But the church’s lawyer said he was filing the reorganization plan in bankruptcy court Friday.