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Foreclosure on Jackson's Ranch Averted

Reuters

Posted: 2008-05-11 17:29:11

Filed Under: Music News

NEW YORK (May 11) - 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.

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Mark J. Terrill, AP

Neverland Saved

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A last minute deal has saved Michael Jackson's Neverland Ranch from being lost to foreclosure. Just days before the ranch was to be sold off, a real estate investment firm called Colony Capital bought the loan on the singer's fortress.

The loan had been held by Fortress Investment Group, a New York-based private equity and hedge fund group.

The loan was about $23.5 million, according to a source familiar with the matter.

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."

Representatives of Jackson and Colony did not provide additional details. A Fortress representative could not be reached for comment.

The formerly high-flying singer and songwriter saw his career slammed by child molestation charges in 2005. Even though he was acquitted on all counts, he has faced significant financial problems in recent years.

Reporting by Dane Hamilton; editing by John Wallace

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Copyright 2008 Reuters Limited. All rights reserved. Republication or redistribution of Reuters content, including by framing or similar means, is expressly prohibited without the prior written consent of Reuters. Reuters shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon. All active hyperlinks have been inserted by AOL.

2008-05-11 17:01:49

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RSTEAD0852 11:10:12 AM May 14 2008

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why are we americans so keen to tear down our black superstars.
Michael is a good person. Look at the way he is bringing up his kids, Compare to other pop stars.

myybrii 10:41:03 AM May 13 2008

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You have to admit the guy can sing and dance I think if he was guilty he'd be behind bars

gbelter777 11:31:37 PM May 12 2008

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your crazy

realtyholdings 09:17:14 PM May 12 2008

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HE IS PROBABLY A LITTLE DEVIANT LITTLE UN-SEXUAL PERSON WHO HAS NO ORIENTATION OR INTEREST EITHER WAY. HE IS PROBABLY IMPOTENT AND PROBABLY SOMEWHAT MENTALLY CHALLENGED, ALTHOUGH A BRILLIANT PERFORMER-NO DOUBT. ALSO, THEIR FATHER PROBABLY ALSO ABUSED THEM TERRIBLY. THE WHOLE THING IS SAD. LEAVE HIM BE-HE HAS LOST MUCH. WHAT DO U PEOPLE WANT? TO SEE HIM OVERDOSE IN SOME HOTEL SOMEWHERE ALONR, OR HANGING FROM A SHOWER CURTAIN ROD? THEN, YOUD BE HAPPY?C'MON...

jjp432 09:07:11 PM May 12 2008

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I heard NAMBLA is funding the loan.

jmnascarnut 08:59:08 PM May 12 2008

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Excellent chance the loan is far less than the already falling property value. Therefore, if the molester doesn't make his payments, the lien holder gets to forclose. Simple as pie. (Sale at Kmart, boys underpants 1/2 off, Michael)