Home  
Celebs Gossip Pop Rap R&B Rock Country Latin Underground Reggae Electronic Elements Community
Michael Jackson Releases Statement About Neverland
Source: eurweb.com
Posted on: May 13, 2008 06:33 MST
Filed under: R&B, Pop, Celebs

michael jackson

Michael Jackson has officially announced that tomorrow's scheduled auction of his Neverland Ranch has been cancelled.

The property's existing $23.5 million loan from New York-based private equity and hedge fund Fortress Investment Group was acquired by Colony Capital, a large real estate investment firm.

“I am pleased with recent developments involving Neverland Ranch and I 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,” Jackson said in a statement.

The 2,700-acre property in Santa Barbara County was slated to be auctioned off on May 14 after Jackson defaulted on loan payments.      

Colony, a Los Angeles-based firm that has invested more than $39 billion since its founding in 1991, tells Reuters that it's "very comfortable" holding the loan while negotiating new mortgage payment terms for the King of Pop. 

See Also:
Related Videos:
WAIT... THERE'S MORE STUFF

Post to del.icio.usdel.icio.us Post to redditreddit Stumble It!Stumble It! Post to BlinklistBlinklist
  MORE STUFF


Kelly Trial Adjourns After Call From Potential Witness


Usher Releases New CD And Appears On JET Magazine Cover For Eighth Time


Michael Jackson's Baby Mama Wannabe Loses In Court


Diddy And Tracey Edmonds A Couple?


Bey-Jay Laying Down Roots In Scarsdale?


More Positive ID's In R. Kelly Trial


Usher: Still 'Standing'


Knowles To Replace Winehouse For Bond Track?

 

Home | Contact Us | Community | Privacy Policy | Terms of Service
Copyright 1995-2014 HipHop-Elements.com. All rights reserved.

 
legislative
legislative
legislative
legislative