Harbour Grace cathedral found to be worthless

An aging former Roman Catholic cathedral in Harbour Grace that has fallen into disrepair has no market value, a consultant's report has determined. 

The twin-towered Immaculate Conception church is closed for at least the winter, and its future is unclear as the four-church parish grapples with financial problems. 

Last fall, CBC News reported that the parish council had been contacted by a third party interested in buying the former cathedral. 

Since then, real estate consulting company Altus Group has reported on its appraisal of the value of the cathedral, which was completed and consecrated in 1892, and rebuilt several years later after a fire. 

Altus Group found that the building currently has a market value of zero. 

Millions of dollars have already been spent on maintaining the building. 

Stantec, the engineering consulting firm, has estimated that completing a restoration project will cost nearly $9 million more. 

An interested third party has offered to meet with parishioners to talk about a business proposal for the cathedral, but no formal offer has been made.