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:

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

More Positive ID's In R. Kelly Trial

Usher: Still 'Standing'

Combs Turns Screenwriter

Jackson Stuns Designer By Showing Up At His Birthday Party

Ray J Speaks in Tongues

Singer Houston Breaks Silence About Eye Gouging Incident

Chicago Reporter May Testify In R. Kelly Trial, Witnesses Identify Victim

Rihanna To Star In Drama Film


Home | Contact Us | Community | Privacy Policy | Terms of Service
Copyright 1995-2015 HipHop-Elements.com. All rights reserved.