Owership of Michael Jackson's Neverland Ranch Remains Deadlocked in Legal Battles

[CherubimII]

Article brought to you by: Catholic Online (www.catholic.org)

Ownership of Michael Jackson's Neverland Ranch Remains Deadlocked in Legal Battles

By Catholic Online (NEWS CONSORTIUM)
July 31st, 2012
Catholic Online (www.catholic.org)

When the eccentric and deeply troubled superstar Michael Jackson died at the age of 50 in 2009, he was over $500 million in debt. With many of the late singer's assets in probate, the fate of his fabled Neverland Ranch - once the site of private zoos, amusement park rides and a basketball court - launched legal battles that continue to this day.


LOS ANGELES, CA (Catholic Online) - Most of Jackson's surviving relatives say that the 2,500-acre property must stay in the family in order for his three children to inherit their birth home, the attorney for Jackson family matriarch Katherine Jackson says.

Eighty-two-year-old Katherine's role has remained Jackson's three children, Prince, 15, Paris, 14, and Blanket, 10. There are accusations by five of Katherine's other seven living children that the co-executors of Michael's debt-ridden estate, attorneys John Branca and John McClain, falsified the will.

Katherine remains the central figure because the will ultimately gives her 40 percent of the estate, of which McClain and Branca are executors until all debt and litigation are settled. Michael's children will also receive 40 percent, and the final 20 percent intended for charity.

Michael Jackson's formerly troubled estate has since generated $475 million in revenue in three short years, bringing all debt current and making a decision on the land possible within the next year.

"It is the wish of the beneficiaries that Neverland be kept in the family and Michael's children get to one day decide what to do with their old family home," Perry Sanders, Katherine Jackson's attorney, told The Daily.

"Unfortunately, the way things are set up in the trust code and state code, the trustees get to make decisions about the assets of the estate. So consequently, we're not aware of anything happening with it."

There had been discussion that the Neverland Ranch would become a tourist destination in the manner of Elvis Presley's Graceland mansion in Memphis, or into a world-class music school. Animal rights advocates, such as the People for the Ethical Treatment of Animals want the land to be converted into a sanctuary for rescued exotic animals.

Singer Jermaine Jackson, Michael's older brother by four years had lobbied hard for the land to be developed into an amusement park, museum and concert venue celebrating his brother's legacy.

The chief executive officer of Colony Capital, the California investment firm that saved Neverland from foreclosure by buying Michael's $23 million mortgage in 2008, predicted he could sell the ranch for an astronomical $100 million. Santa Barbara County, where Neverland is located, has assessed the ranch's value at $29.2 million for tax purposes.

Hundreds of fans crowded Neverland's still-locked entrance last month, on the third anniversary of Michael Jackson's death. Many of those who had gathered there agreed it would be wonderful to transform the ranch into a testament to Jackson's life.

© 2012, Catholic Online. Distributed by NEWS CONSORTIUM.

http://www.catholic.org/ae/celebrity/story.php?id=47128

[Petrarose]

The person who wrote this article needs to do some more homework. I am tired of these badly researched articles. It is written as though 40% of the estate is given to Katherine. From reading this you would expect that Katherine is making decisions on what to do with Neverland. Why are they asking Sanders anything? Also, why is the estate troubled. Now Michael was OVER 500 mil in debt. This person obviously decided to use all the terms used when writing about Michael, e.g., troubled, debt. Oh and I still do not know why ownership is deadlock.

It is embarrassing that a Catholic paper came up with this substandard work.

[Charmaine Alexis Marshall]

The person who wrote this article needs to do some more homework. I am tired of these badly researched articles. It is written as though 40% of the estate is given to Katherine. From reading this you would expect that Katherine is making decisions on what to do with Neverland. Why are they asking Sanders anything? Also, why is the estate troubled. Now Michael was OVER 500 mil in debt. This person obviously decided to use all the terms used when writing about Michael, e.g., troubled, debt. Oh and I still do not know why ownership is deadlock.

It is embarrassing that a Catholic paper came up with this substandard work.

I agree. A Catholic Newspaper wrote this too!!! WOW...I wonder who told them to upload that pice of crap? Michael's children should have the final say in what the property is used for, NO ONE ELSE!!!

[8701girl]

Now i am catholic myself but why the heck would a catholic grop/church write randomly on mj???...doesnt make sense..

[Petrarose]

Now i am catholic myself but why the heck would a catholic grop/church write randomly on mj???...doesnt make sense..

I am one too, and I cannot understand why a religious org, involved in prayer and charity work, would allow someone to write an article with name calling and with such a tabloid element to it, especially when we Catholics have our own problems to deal with. Unless random people simple post articles there, the Catholic online should be ashamed of themselves. I will write them a letter.

[jaydom7]

this article is suspect.. why does this catholic paper care about Neverland?

[qbee]

Mod note
Please stay on topic of the article
The site has different sections that are about business and economics and other topics
please dont make this about relgion .. when it is not .. Thanks

[qbee]

The article isnt well researched. I dont even know where they are coming up with this information. There is nothing to suggest anywhere that there is any kind of legal battle over Neverland between The Estate, Katherine or Colony captital. If there were any lawsuites we would have heard of it. Its an odd article and uses dated info.

[bobmoo79]

I am one too, and I cannot understand why a religious org, involved in prayer and charity work, would allow someone to write an article with name calling and with such a tabloid element to it, especially when we Catholics have our own problems to deal with. Unless random people simple post articles there, the Catholic online should be ashamed of themselves. I will write them a letter.

Me too. If you read the article they don't even mention any specific legal wranglings over the ranch. It's only mentioned in the title.
They mention the ongoing discussions and considerations about what should happen with it (between family, the estate and Colony Capital), and that there have been disagreements, but none of that has been pursued through legal process.

Their maths is wrong too.
They say that with over $500 million debt and having earned 'only' $475million the estate have paid all the debt off. First the debt wasn't over $500million was it? Second, my maths isn't great but even if you don't make any allowance for the costs the estate have incurred in the last 3 years, the money they have earned cannot pay off over $500million debt (500 is more than 475!).
They also say that Colony Capital 'bought the mortgage' on Neverland which suggest that Colony own it, but they don't. The Estate own the largest share. From that I assume Colony Capital cannot just sell it as the article suggests.

[Petrarose]

Well I wrote them a detailed and polite letter back. I know that Qbee said to not make it about religion, but I had to mention this to them because the organization that created it is a religious entity. Here is part of my first paragraph:

I must say that as a Catholic, I was deeply embarrassed and disappointed in an article written about Michael Jackson and Neverland. First, the article's initial paragraph began with negative words to describe Mr. Jackson. Next to the article are religious/prayer information. How does these two contrasts work? On one hand we have caring, prayer, saints, Mary and on the opposite side is a piece of work that does not show charity to others, love, or any of the Christian virtues. How does a piece of writing that really disparages someone be part of a Catholic media. We as Catholics have had some negative press in recent years, and therefore should show more compassion to others.

I listed all the information that was false in the other paragraphs and e-mailed it to them last night. The bottom line, to me, is this type of writing has no place in there.

[CherubimII]

Thank you, Petrarose.

[No-Body]

Now i am catholic myself but why the heck would a catholic grop/church write randomly on mj???...doesnt make sense..

So am i...indeed, very, very weird. I guess it's all taken 'from the strange and weird fact file' lol

this article is suspect.. why does this catholic paper care about Neverland?

Beyond the merits of the article, these are question worth posing though....