Michael Jackson has filed a grant deed that transfers ownership of Neverland to the Sycamore Valley Ranch Company.
The company is a joint venture between Jackson and Colony Capital, the property investment company owned by Tom Barrack, which purchased Jackson's debt in May when he defaulted on a $24.5M mortgage on the ranch.
Showing posts with label Colony. Show all posts
Showing posts with label Colony. Show all posts
Friday, November 14, 2008
Monday, May 12, 2008
Neverland Loan Sold
Colony Capital LLC have bought the loan held by Fortress Investment Group on Michael Jackson's Neverland, as such the auction has now been cancelled.
Jackson issued a quote to the media via a spokesman:
"I am pleased with recent developments involving Neverland Ranch and 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".
Why does he want to keep the place, given that he has effectively abandoned it?
Colony are now negotiating payment terms for the $23.5M loan with Jackson.
Jackson issued a quote to the media via a spokesman:
"I am pleased with recent developments involving Neverland Ranch and 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".
Why does he want to keep the place, given that he has effectively abandoned it?
Colony are now negotiating payment terms for the $23.5M loan with Jackson.
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