Author Topic: Foreclosure on Jackson's Ranch Averted  (Read 31 times)

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Foreclosure on Jackson's Ranch Averted
« on: May 11, 2008, 07:48:22 PM »


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.

Jackson's overall financial situation has stabilized in the past year, thanks to a refinanced loan with help from his label Sony Music.
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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