Even if Michael Jackson is successful in selling Neverland, at an auction next month, he may well be liable for tax on the sale.
On the assumption that the property is sold for around $25M, given that he paid around $14M for it, there is a capital gain of $10M on which tax of around $5M will be payable.
Jackson will discover the truth of that old saw:
"There are only two certainties in life, death and taxes."
Friday, February 29, 2008
Thursday, February 28, 2008
In Denial
It seems that Michael Jackson is in denial about the dire state of his finances.
Jackson's lawyers are desperately trying to refinance the $25M loan on Neverland, due to go to auction soon, so that he can keep it.
Given that he no longer lives there, why on earth does he want to keep it and waste more money on further loans?
Jackson's lawyers are desperately trying to refinance the $25M loan on Neverland, due to go to auction soon, so that he can keep it.
Given that he no longer lives there, why on earth does he want to keep it and waste more money on further loans?
Wednesday, February 27, 2008
Jackson To Lose Neverland
It seems that, as predicted, Michael Jackson will lose Neverland unless he pays nearly $25m that is owed to Fortress.
Unless he pays the three months' arrears on the property, it will go to auction on the 19th of March.
The auction will include the house and everything on the estate including "all ferris wheels, carousels, merry-go-round type devices... and all amusement ride equipment and facilities of every kind or nature".
Who on earth, in their right mind, would buy this?
Unless he pays the three months' arrears on the property, it will go to auction on the 19th of March.
The auction will include the house and everything on the estate including "all ferris wheels, carousels, merry-go-round type devices... and all amusement ride equipment and facilities of every kind or nature".
Who on earth, in their right mind, would buy this?
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