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Neverland Ranch Loan
11-May-2008
Written by: Melanie Sutrathada
Michael Jackson’s Neverland Ranch property is no longer being sold.
After acquiring a $23.5 million loan on the Neverland Ranch property in California from Fortress Investment Group, a deal is being negotiated. Michael Jackson, 49, has been under pressure with mounting debts due to the charges he fought for molesting a 13-year-old boy, in 2003, at the ranch and holding him captive. According to Reuters, Michael Jackson said on Sunday that the foreclosure sale on the 2,900-acre ranch has been canceled by Colony Capital LLC, a Los Angeles-based private equity firm, headed by Thomas Barrack. Although the property was scheduled to be auctioned off on May 14, it was canceled on May 9, according to Fox News. While the transaction has yet to be disclosed, the entertainer said in a press release that he was “in discussions” over the ranch with Colony and was “pleased with recent developments.”
However, when asked for further details, a spokesperson for Jackson declined alongside Colony spokeswoman Caroline Luz, who refused to comment.
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