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Foreclosure on Jackson's Ranch Averted

Reuters

Posted: 2008-05-11 17:29:11

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.

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Mark J. Terrill, AP

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A last minute deal has saved Michael Jackson's Neverland Ranch from being lost to foreclosure. Just days before the ranch was to be sold off, a real estate investment firm called Colony Capital bought the loan on the singer's fortress.

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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2008-05-11 17:01:49

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414 comments

RSTEAD0852 11:10:12 AM May 14 2008

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why are we americans so keen to tear down our black superstars.
Michael is a good person. Look at the way he is bringing up his kids, Compare to other pop stars.

myybrii 10:41:03 AM May 13 2008

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You have to admit the guy can sing and dance I think if he was guilty he'd be behind bars

gbelter777 11:31:37 PM May 12 2008

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your crazy

realtyholdings 09:17:14 PM May 12 2008

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HE IS PROBABLY A LITTLE DEVIANT LITTLE UN-SEXUAL PERSON WHO HAS NO ORIENTATION OR INTEREST EITHER WAY. HE IS PROBABLY IMPOTENT AND PROBABLY SOMEWHAT MENTALLY CHALLENGED, ALTHOUGH A BRILLIANT PERFORMER-NO DOUBT. ALSO, THEIR FATHER PROBABLY ALSO ABUSED THEM TERRIBLY. THE WHOLE THING IS SAD. LEAVE HIM BE-HE HAS LOST MUCH. WHAT DO U PEOPLE WANT? TO SEE HIM OVERDOSE IN SOME HOTEL SOMEWHERE ALONR, OR HANGING FROM A SHOWER CURTAIN ROD? THEN, YOUD BE HAPPY?C'MON...

jjp432 09:07:11 PM May 12 2008

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I heard NAMBLA is funding the loan.

jmnascarnut 08:59:08 PM May 12 2008

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Excellent chance the loan is far less than the already falling property value. Therefore, if the molester doesn't make his payments, the lien holder gets to forclose. Simple as pie. (Sale at Kmart, boys underpants 1/2 off, Michael)

Twncty7 08:47:48 PM May 12 2008

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Pedophile Land is back in business huh?

edinnpbfla 08:42:09 PM May 12 2008

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Why would anyone loan him money for Neverland? He didn't pay the mortgage on the old loan, what makes them think he will pay the new loan?

tspark568 08:35:27 PM May 12 2008

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If he is innocent beyond any doubt. Then WHY the hush money to the parents. They are just as guilty.

acougar4u 08:32:53 PM May 12 2008

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Michael Jackson, has been, never was, child molester, idiot, plastic surgery junkie, no nose left, yeah talk about neverland.

writergirlad 08:28:35 PM May 12 2008

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I love Michael Jackson! He was innocent beyond any doubt. All you have to do is read the transcripts to the case, and you'll agree with me. I am so happy that he saved the ranch. He is a wonderful, kind, sweet man who unfortunately has been the victim of a modern day lynching. here in America, we seem to enjoy raising people up to superstardom, then tearing them down viciously and trying to destroy them. I hope Michael has been able to recover from the trauma of the trial and will move back to Neverland some day.

Check out this article, and ACTUALLY READ IT!! proof of his innocence!

http://www.usnewslink.com/framedjackson.htm

writergirlad 08:25:40 PM May 12 2008

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I love Michael Jackson! I am so happy that he saved the ranch. He is a wonderful, kind, sweet man who unfortunately has been the victim of a modern day lynching. here in America, we seem to enjoy raising people up to superstardom, then tearing them down viciously and trying to destroy them. I hope Michael has been able to recover from the trauma of the trial and will move back to Neverland some day.