Update: Michael Jackson’s Neverland Ranch Averts Foreclosure
Singersroom News
Posted on 05/12/08
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Pop/R&B icon Michael Jackson’s Neverland Ranch has avoided a foreclosure set for this week after a loan on the huge California property was sold to Colony Capital, a large real estate investment firm, the singer said Sunday.
The loan, which sources familiar with the matter said was about $23.5 million, had been held by Fortress Investment Group, a New York-based private equity and hedge fund group. The 2,700-acre ranch in Santa Barbara County was slated to be auctioned off on May 14 after Jackson defaulted on loan payments.
In a press release, Jackson said he was in discussions with Colony and its founder, Tom Barrack Jr., "with regard to the ranch and other matters."
Colony, a Los Angeles-based firm that has invested more than $39 billion since its founding in 1991, is "very comfortable" holding the loan while it negotiates payment terms, a person familiar with the situation said.
I am not disappointed in michael he does what he has to do. All of yall that think he is doing wrong are haters. He's a good man and i admire him so much for the things he do. I am what you call a true Michael fan.
With much love and respect
Stanchele
ashley
5/13/2008 6:02:19 PM
you is good at singin but then you did not have to do wat u did i feel sorry 4 u boo
Jalia
5/12/2008 5:36:16 PM
a am so disappointed with michael he looked fine with black color if i was realted to him or even friends with him i would slap him evertime i c him
