Financial Status
Foreclosure proceedings commenced against Neverland Ranch on October 22, 2007. However, a spokesperson for Jackson said that the loan was merely being refinanced.
On February 25, 2008, Jackson received word from Financial Title Company, the trustee, that unless he paid off $24,525,906.61 by March 19, a public auction would go forward of the land, buildings, and other items such as the rides, trains, and art. On March 13, 2008, Jackson's lawyer L. Londell McMillan announced that a private agreement had been reached with the private investment group, Fortress Investment, to save Jackson's ownership of the ranch. Before the agreement, Jackson owed three months' arrears on the property. McMillan did not reveal the details of the deal.
On May 12, 2008, a foreclosure auction for the ranch was canceled after an investment company, Colony Capital LLC, purchased the loan, which was in default. In a press release, Jackson stated, "I am pleased with recent developments involving Neverland Ranch and I am in discussions with Colony and Tom Barrack with regard to the Ranch and other matters that would allow me to focus on the future."
On November 10, 2008, Jackson transferred the title to Sycamore Valley Ranch Company, LLC, and neighbors reported immediate activity on the property, including the amusement rides being trucked along the highway. Jackson still owned an unknown stake in the property, since Sycamore Valley Ranch was a joint venture between Jackson (represented by McMillan) and an affiliate of Colony Capital LLC (an investment company run by billionaire Tom Barrack). The Santa Barbara County Assessor's Office stated Jackson sold an unknown proportion of his property rights for $35 million.
Kyle Forsyth, Colony's project manager, describes the estate's Tudor-style buildings and savannah-like grasslands as "English country manor meets Kenya." Eventually, Colony hopes to sell the ranch, located in Santa Barbara County, in its entirety. Subdividing it, says Mr. Forsyth, "would destroy it."
Since 2009, the Neverland Ranch rides Balloon Samba, Jeeps, Wave Swinger and Dinos have been featured attractions at the California State Fair.
Read more about this topic: Neverland Ranch
Famous quotes containing the words financial and/or status:
“One of the reforms to be carried out during the incoming administration is a change in our monetary and banking laws, so as to secure greater elasticity in the forms of currency available for trade and to prevent the limitations of law from operating to increase the embarrassment of a financial panic.”
—William Howard Taft (1857–1930)
“A genuine Left doesn’t consider anyone’s suffering irrelevant or titillating; nor does it function as a microcosm of capitalist economy, with men competing for power and status at the top, and women doing all the work at the bottom.... Goodbye to all that.”
—Robin Morgan (b. 1941)