Neveland will be auctioned off. 19th March 08.

[mickyj007]

When they say the place will be auctioned off they mean everything will be auctioned off.

Read the documentation. Every single thing contained in Neverland will go to the winner. Doesn't matter what it is (to the courts), it will go.

 

[wannabestartinsomthin21]

It actually means the contents inside the main house? That's fu*ked up. I really hope Michael gets this worked out. I'm not mad at him for letting this happn. What's the point in that? His entire life fell apart and this is merely a consequence of that happening. But he worked his whole life for that ranch and what's in it and I don't want to see it taken from him. If he sold it, that would be fine, but having it taken from him is just sad, especially considering everything else that he's been robbed of in his life. This sort of brings back to our attention just how badly Michael suffered.

 

[motown lady]

Plzzz- don't everyone go clicking on Foxnews to give them a bunch of views, rewarding them for more of their ish. Plz opt instead to use other news (sites) as sources, even if they've quoted this story from R.F./fox:lol:

 

[Datsymay]

When they say the place will be auctioned off they mean everything will be auctioned off.

Read the documentation. Every single thing contained in Neverland will go to the winner. Doesn't matter what it is (to the courts), it will go.

Actually, they can only take the property that was secured against the loan. If his personal items were not a part of it, then they cannot take it.

 

[elusive moonwalker]

I would like to see how you would have survived the avalanche of persecution that was unleached on you and come out of it with your sanity. Maybe Neverland isn't that much of a disaster, when he still has his freedom and his children and his name. Remember those. He still has his sanity too. Poor Britney might have settled for losing her house and still have her children and her sanity.:smile:

dont start going off on one. im looking at this from the business aspect nothing else. id really like to know if everything going inside is normal as i havnt heard of that b4. that in one sense is wirse than losing the ranch is mj gonna have anything left? all the awards costumes paintings everything will be gone

Actually, they can only take the property that was secured against the loan. If his personal items were not a part of it, then they cannot take it.

thats what im thinking, its the propery not whats inside it because whats inside it could change many times over the years you have the loan. then again who knows with the small print.

 

[motown lady]

When they say the place will be auctioned off they mean everything will be auctioned off.

Read the documentation. Every single thing contained in Neverland will go to the winner. Doesn't matter what it is (to the courts), it will go.

Did they 'state ceasure of all personal assets', (which would have to be an order seperate from a standard foreclosure) cause if not... oh well in regard to s.b's latest high hopes.

 

[TSCM]

Here's the formal definition of what they are entitled to shall the property bee auctioned off. Everything from the flooring and curtains to the rides and plants to Michael's computers and telephones seems fair game.

And the "household goods" quote within that document is legally defined as:

Clothing, furniture, appliances, one radio, one television, linens, china, crockery, kitchenware, personal effects, and wedding rings. "Household goods" does not include works of art, electronic entertainment equipment (except one radio and one television), items acquired as antiques, and jewelry (except wedding rings).

Although legal rhetoric hurts my head...

 

[Datsymay]

It actually means the contents inside the main house? That's fu*ked up. I really hope Michael gets this worked out. I'm not mad at him for letting this happn. What's the point in that? His entire life fell apart and this is merely a consequence of that happening. But he worked his whole life for that ranch and what's in it and I don't want to see it taken from him. If he sold it, that would be fine, but having it taken from him is just sad, especially considering everything else that he's been robbed of in his life. This sort of brings back to our attention just how badly Michael suffered.

At the same time, we need to remember that Mj did secure a loan against it last year. So it isn't like he didn't get anything for it. he got $24 million on the property, so he hasn't entirely lost it. I understand that that money went towards the purchase of the 5% share of the catalogue he bought back from Branco. That money was invested and probably is worth more to MJ now than the loss of Neverland. So let us not be too saddened,MJ didn't lose it all, he got something out of it and he invested the money in the catalogue.

 

[motown lady]

Actually, they can only take the property that was secured against the loan. If his personal items were not a part of it, then they cannot take it.

Thank U for the update

 

[djbaby]

Sigh, depresserama. I don't want MJ to have Neverland taken away from him. If he chooses to sell it with dignity then fine, but this reported situation totally sux.

 

[Datsymay]

Here's the formal definition of what they are entitled to shall the property bee auctioned off. Everything from the flooring and curtains to the rides and plants to Michael's computers and telephones seems fair game.

And the "household goods" quote within that document is legally defined as:



Although legal rhetoric hurts my head...

That sounds like just the normal accessaries you get when buying a house. They do not include his personal items like his works of art or his awards.

 

[wannabestartinsomthin21]

Well yes, that's true. But I've heard estimates of that ranch being worth over 100 million dollars. I don't know how true that is. But its more a sentimental thing. It's just another instance of Michael losing something which he shouldn't lose.

And wedding rings? Are they serious?

 

[motown lady]

At the same time, we need to remember that Mj did secure a loan against it last year. So it isn't like he didn't get anything for it. he got $24 million on the property, so he hasn't entirely lost it. I understand that that money went towards the purchase of the 5% share of the catalogue he bought back from Branco. That money was invested and probably is worth more to MJ now than the loss of Neverland. So let us not be too saddened,MJ didn't lose it all, he got something out of it and he invested the money in the catalogue.

And can write it off his taxes? Business peeps do that all the time, don't they. By the way.. anyone know how many times Trump has been in foreclosure?

 

[Datsymay]

And can write it off his taxes? Business peeps do that all the time, don't they. By the way.. anyone know how many times Trump has been in foreclosure?

:lol::lol::lol: You mean Trump has been forclosed. The thing is that MJ is mighty rich. I think Mj has been made even richer since the trial. MJ had to sort out the Sony/Bmg contract. I believe MJ has made a killing from that. Rich people do not see money the way little people see money. To MJ money is 'french fries'. MJ probably get's paid everytime a celeb uses his name in an interview. Bythe way, MJ owns that beautiful home in Encino where his mother lives. That house will be worth a fortune as the jackson family home.

 

[motown lady]

That sounds like just the normal accessaries you get when buying a house. They do not include his personal items like his works of art or his awards.

Still does not sound right, never heard of a foreclosure which includes personal items or property or even appliances, unless it is the IRS. Local principalities don't have this sort of jurisdiction unless you ARE convicted of a crime.

So if they want to try to re-write foreclosure laws at this time of recession in America, let the nuts go right ahead & try.

 

[MJandRFfan]

I don't think Michael ever viewed his ranch as a public attratction and he is such an intensely private person that I doubt he would be comfortable with something like that. Elvis was dead by the time Graceland was turned in to a thing for the public to gawk at, essentially. Neverland was always a sanctuary for Michael and a non-profit facility to better the lives of children and adults[/b[.

if it does go on auction then i hope that at least this purpose will continued to be carried on. i mean..those beds in the theatre have been give a purpose.....

 

[motown lady]

:lol::lol::lol: You mean Trump has been forclosed. The thing is that MJ is mighty rich. I think Mj has been made even richer since the trial. MJ had to sort out the Sony/Bmg contract. I believe MJ has made a killing from that. Rich people do not see money the way little people see money. To MJ money is 'french fries'. MJ probably get's paid everytime a celeb uses his name in an interview. Bythe way, MJ owns that beautiful home in Encino where his mother lives. That house will be worth a fortune as the jackson family home.

ya' know what I mean
EXACTLY, with all of MJ's $$$$$$ to let this thang go would have to be a decision & a business 1 at that.

 

[elusive moonwalker]

why did mj bother to pay off the tax leins on the ranch if its gonna be sold anyway?

 

[wannabestartinsomthin21]

Michael's rich as hell, but all of his money is tied up in investments, he's had trouble with liquid funds, he's never been bankrupt as has been reported. But him getting his hands on $24 million might be a problem at this time.

 

[motown lady]

why did mj bother to pay off the tax leins on the ranch if its gonna be sold anyway?

-wink wink..exactly,

Hey, thought you were going to bed? Seriously, don't miss sleep or get so hurt or worked up that you can't have a good day, (in regard to your own life). I 'm just here cause I don't have to work today:lol:

Enough of us will still be here (most of us are in different time zones) to keep everyone updated or provide support.

 

[elusive moonwalker]

But him getting his hands on $24 million might be a problem at this time.

exactly. especially with the market being as it is. lets see who out of his rich friends really are friends. or go ask janet lol. if he hasnt been able tosort it in the last 3 months i doubt it will be in 3 weeks

you were going to bed?

nah its moring here i just got up.earlier than normal though cause this was on the news over here so i had to turn the comp on to see what was happ

 

[Datsymay]

Michael's rich as hell, but all of his money is tied up in investments, he's had trouble with liquid funds, he's never been bankrupt as has been reported. But him getting his hands on $24 million might be a problem at this time.

I was thinking about that the other day, and the thought came to my mind that rich people don't really have liquid assets. They are rich because of assets not liguid money. Most rich people are cash poor and rely on overdrafts to keep them on the move. Also their assets are usually tied up in trust, this is usually for their protection.

MJ is the major owner in a busness that is worth billions. He cannot touch that money because it is put in trust. This may seem like a disadvantage to him but it protects against people who might want to sue him for his assets. That is how rich people operate. They do not own their business personally, they run it through a Trust comanies. If MJ declares bancruptcy, the court could not touch his assets in the company. MJ is secure and his children are secure.

 

[wannabestartinsomthin21]

if it does go on auction then i hope that at least this purpose will continued to be carried on. i mean..those beds in the theatre have been give a purpose.....

That would be nice, but I wouldn't expect it. It cost Michael boat loads of cash to run that ranch every year in the capacity it was built for, as a non-profit area, and he was doing it out of his genuine care and concern for children and just improving the lives of others and giving them some sense of joy. I doubt anyone who buys the ranch, if that indeed occurs, will have the same interest. Michael's a rare breed. What I would be afraid of is them turning it into some kind of theme park circus for people to gawk at. That would really anger me. Because that is not what it is.

 

[wannabestartinsomthin21]

I was thinking about that the other day, and the thought came to my mind that rich people don't really have liquid assets. They are rich because of assets not liguid money. Most rich people are cash poor and rely on overdrafts to keep them on the move. Also their assets are usually tied up in trust, this is usually for their protection.

MJ is the major owner in a busness that is worth billions. He cannot touch that money because it is put in trust. This may seem like a disadvantage to him but it protects against people who might want to sue him for his assets. That is how rich people operate. They do not own their business personally, they run it through a Trust comanies. If MJ declares bancruptcy, the court could not touch his assets in the company. MJ is secure and his children are secure.

Yes, that's true. Most wealthy people are cash poor. But Michael would need that cash now to keep Neverland I suppose, which is what's concerning.

 

[elusive moonwalker]

where are the farmers gonna graze their cows and the money mj makes from that lol sorry i gotta laugh or ill cry

 

[motown lady]

Michael's rich as hell, but all of his money is tied up in investments, he's had trouble with liquid funds, he's never been bankrupt as has been reported. But him getting his hands on $24 million might be a problem at this time.

source faux news? No one still knows exactly what the man owns cause he won't take their bait to sue & prove them liable with his personal fianancial information. There are such things as off shore accounts, & banks in other countries where MJ has been traveling to, (for years now).

Keep in mind through all this, it is mighty suspicious that he has yet to file (is:mello: it) Chapter 11/13 or any Chapt for that matter. I believe Trump even filed for bankruptcy, did he not?

 

[cryingangel]

It would be sad to see it go. That place is truly wonderful, regardless if Michael still considers it a home or not. I really don't understand how he ended up in this situation

I know it's none of my business and in the end, it has nothing to do with the fans, but I really wish he'd do something to keep it. Neverland is one of a kind and it would be such a waste were it to end up in the wrong hands

 

[Datsymay]

Yes, that's true. Most wealthy people are cash poor. But Michael would need that cash now to keep Neverland I suppose, which is what's concerning.

Actually, what really happens is that they would refinance that loan using another bank. MJ would not pay these people the money, the refinacing bank would pay them and transfer the loan. This would have been the normal procedure. So all this talk about MJ paying the bank money is just hype really. It really is about refinancing and whether MJ can get this done in time. In theory MJ should be able to put a halt to this auction by letting the court know that a refinacing deal is on the way. This is why I am suspicious about what is going on. If MJ is having trouble with refinancing, all he needs is someone with large assets to act as quarantee, and there should be no problem.

 

[motown lady]

Actually, what really happens is that they would refinance that loan using another bank....So all this talk about MJ paying the bank mopney is just hype really.... It really is about refinancing.. and whether MJ can get this done in time. In theiry MJ should be able to put a halt to this auction by letting the court know.... that a refinacing deal is on the way.... This is why I am suspicious about what is going on.

Me :lol:second! Defies any rule of foreclosure I've ever heard of!

 

[mjdove]

If true, it is not the end of the World, either of Michael's world. I hope he now is strong enough to let it be, and may be is able to concentrate himself on the future. This may be a turning point and a caesura is often important, especially for an artist, for further development.