Re: Michael Jackson says ranch foreclosure avertedIn article
<e4e8e3bc-073f-469b-871f-c93137b96cf1@x41g2000hsb.googlegroups . com >,
edonline <eronline@verizon . net > wrote:
> On May 12, 3:09 pm, "JFlexer" <jf09623...@hoo . com > wrote:
> > "edonline" <eronlineSPAM...@verizon . net > wrote in message
> >
> > news:iqqe24p28j17ich8nkfohm3u5goqi1vmp9@4ax . com ...
> >
> >
> >
> > > * w w w .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?
Plus I don't think you can sell a property with twenty bazillion dollars
worth of liens on it.
--
Roofshadow