On May 12, 3:09 pm, "JFlexer" <jf09623...@hoo.com> wrote:
> "edonline" <eronlineSPAM...@verizon.net> wrote in message
>
> news:iqqe24p28j17ich8nkfohm3u5goqi1vmp9@4ax.com...
>
>
>
> >http://www.reuters.com/article/entertainmentNews/idUSN115599282008051...
>
> > Michael Jackson says ranch foreclosure averted
> > Sun May 11, 2008 4:54pm EDT
>
> > NEW YORK (Reuters) - Entertainer Michael Jackson said on Sunday a
> > foreclosure sale on his Neverland Ranch set for this week was averted
> > after a loan on the California property was sold to Colony Capital, a
> > large real estate investment firm.
>
> > 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.
>
> > Representatives of Jackson and Colony declined to comment. A Fortress
> > representative could not be reached for comment.
>
> > The formerly high-flying singer and songwriter saw his career slammed
> > a child molestation trial in 2005. Even though he was acquitted on all
> > counts, he has faced significant financial problems in recent years.
>
> I don't get it... He's already said he won't ever be comfortable living
> there again - so why not sell the danged property and be done with it.
>
> --
> -J
>
> *** Keeper of Bette Midler and Betty Buckley ***
Maybe he didn't have enough time to remove all of the evidence?