http://www.reuters.com/article/entertainmentNews/idUSN1155992820080511?feedType=RSS&feedName=entertainmentNews
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.
|
