Jackson Memorial Cancelled

Unsurprisingly ghoulish plans to display Michael Jackson's corpse in a glass coffin, and bury him at Neverland appear to have been nixed.

It seems that the Jackson family have been unable to obtain permission to bury him on private property.

Jackson Returns To Neverland

It is reported Michael Jackson's corpse will return to Neverland, and be placed on display in glass coffin between 3 July and 5 July when he will be buried in the grounds.

Neverland II

The media reports that Michael Jackson is hoping to replicate his Neverland ranch in Kent, during his upcoming London residency. Allegedly he wants Foxbury Manor in Chislehurst converted to include a bowling alley and funfair.

Will his promoters pay for this?

Auction Cancelled

In a remarkable volte face, Julien's Auctions have cancelled the auction (scheduled for 22-25 April) of Michael Jackson memorabilia from his Neverland and agreed to return all the items to Jackson.

A joint statement from Jackson spokesman Tohme R Tohme and auction organiser Darren Julien notes that the exhibition of the items will continue until April 25.

Adding:

"there was so much interest from so many of Jackson's fans that instead of putting the items in the hands of private collectors, Tohme and Julien's Auctions have made arrangements that will allow the collection to be shared with and enjoyed by Jackson's fans for many years to come."

Seemingly an amicable solution has been found. Julien, president and chief executive of Julien's Auctions, said:

"We reached a resolution and we're very happy about it. It allows Michael to retain ownership of his possessions. He contracted us to conduct the auction and had a change of mind for whatever reason. And we honour and respect that. We're very happy with the outcome."

It is estimated that Julien's spent $2M on organising/cancelling the sale.

Echoes of Xanadu - Citizen Jackson's Memorabilia

Julien's Auctions, the organisers of the forthcoming auction of Michael Jackson memorabilia from Neverland (scheduled for 22-25 April), have held a press preview.

Martin Nolan, speaking of the ongoing legal action by Jackson, said that the auction would proceed.

Amongst the "bric a brac" are costumes, antique furniture, lifesize statues of superheroes and Star Wars villains, from Batman to Darth Vader, and a fully equipped computer game arcade.

Auction Goes Ahead

Michael Jackson has failed in his bid to block an auction of his possessions from Neverland from taking place later this month.

Jackson filed a legal challenge in March in Los Angeles, that claimed that Julien's Auction House had "effectively stolen" his property.

Jackson wants the return of hundreds of items, including the wrought iron gates from Neverland and a white glove he wore in his 1983 Billie Jean video.

The auction is scheduled to take place from 22 April in Beverly Hills, and is expected to last 5 days.

However, a further court motion to stop the sale will be heard on 15 April.

Jackson Hands Over Neverland

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.

Jackson Incapable

Jack Wishna, a Las Vegas promoter, has stated that in his view Michael Jackson is incapable of performing in Las Vegas or anywhere else.

There has been media speculation that Jackson would headline at his own show in Vegas, following a deal done to save Neverland with a group that has links to the Las Vegas Hilton.

However, Wishna has poured cold water on that. He is quoted in the National Enquirer:

"Sadly, Michael's incapable of keeping promises, because he hasn't got the will to even show up anywhere, much less get himself into shape for a world-class performance.

He might drop by to wave at guests, or do a dance on top of a limo, but a longterm show? That dream will never come true, I'm afraid."

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.

Neverland

Fox reports that stories in some of the media about Michael Jackson making a new album are not true.

It also notes that the auction date for Neverland has been set for 14th May, and that bidders are preparing to go to the Santa Barbara County Courthouse where the auction will be held.

The Neverland Saga

Despite protestations by Jermaine Jackson that Neverland will be sold "over my dead body".

Michael Jackson's lawyer, L. Londell McMillan, has a more realistic view of the situation. The auction of Neverland was postponed from the 19th of March until May 14th, by the "mutual agreement" of Jackson and his creditors.

McMillan says:

"That allows us to refinance or sell the property."

Why keep a property that Jackson clearly has no intention of setting foot in again?

Neverland Update

It seems that Michael Jackson's reprieve from selling Neverland at auction this month, may in fact be only a temporary reprieve rather than a final solution.

Julie Wagner of Financial Title Company of San Francisco, which filed the default papers, said the auction has been postponed until May 14 by "mutual agreement".

Victory Snatched From The Jaws of Defeat?

Michael Jackson has, at the eleventh hour, managed to stop the auction of Neverland by agreeing a deal with Fortress (the holders of a $24M charge over Neverland).

Jackson's lawyer, L. Londell McMillan, told The Associated Press that Jackson has worked out a confidential agreement with Fortress Investment Group LLC allowing him to retain ownership of the estate.

However there are two unaswered, and obvious questions.

• Given that Jackson is in dire financial straits, he hasn't stepped foot in Neverland for some considerable period of time and that the place is shuttered and rotting how long will he keep it?



• More importantly, why does he want to keep it?

Time will tell.

Brit Buyout of Neverland?

The Sun reports that two British property tycoons from Newcastle, Liam Collins and David Bone, have offered to buy Neverland then rent it back to Michael Jackson.

David Bone said:

"We really want to see Jacko back on his feet. He's had a real hard time of it."

Does Jackson have the money, or desire, to rent it back?

NINJA Mortgage

CNN reported a week ago that one of their sources in Michael Jackson's camp is confident that the auction of Neverland will not go ahead, because Jackson will find the money to pay off the $24M debt.

Quote:

"Michael Jackson's ranch is not going to be auctioned off at the courthouse.

The financing is all being worked out.

There are plenty of lenders willing to work with him. The real estate market is very bad right now and Jackson is being affected just like many other Americans."

The credibility of the source's faith in Jackson being able to refinance his debt remains to seen. However, it is fair enough to allude to the shambolic property market.

This has been brought about by the greed an stupidity of the banks lending money to people who could never hope to pay their debts off, colloquially known as NINJA mortgages (no income, job or assets).

A pretty fair description of the situation in which Jackson now finds himself in.

Taxes

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."

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 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?

Jackson Pays The Taxman

Michael Jackson has seemingly had at least the common sense to pay some outstanding tax to the taxman.

It is reported that he has finally settled the outstanding $600K property tax debt on Neverland.

Jackson has paid off a state tax lien on the property, according to Santa Barbara County records.

The settlement amount included penalties and fees, but does not cover the $23M that he owes Fortress Investment after defaulting on loans he took out on Neverland.

Fortress Investment is two weeks overdue the time that it can begin foreclosing on the property.

Neverland Extension

Fox reports that Michael Jackson, facing foreclosure on Neverland for $23M secured by Fortress Investments, may have obtained an extension on that foreclosure.

Seemingly, according to Fox, Ron Burkle (big in groceries) may have interceded with Fortress and persuaded them to grant an extension.

How long Jackson has though is not clear.