Re: Neverland MAY be auctioned on March 19, 2008 [keep all discussions here, please]
Since we are still discussing it, here's my take.
Quote:
Last Updated: Saturday, 10 November 2007, 11:19 GMT
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Jackson 'will not lose Neverland'
Jackson left the ranch after being acquitted of child abuse in 2005
Pop star Michael Jackson is in no danger of losing his Neverland ranch due to debt, his spokeswoman has said.
She denied reports that the singer had defaulted on a $23m (£11m) loan on the California ranch, saying he was in the process of refinancing the building.
The ranch was listed on a Santa Barbara County foreclosure report this week.
Jackson left the ranch when acquitted of child abuse in 2005. In August, finance firm Prescient Acquisition said he had debts of $272.5m (£130m).
The 1,100 hectare (2,800 acre) Neverland ranch was named after a fictional world in the story Peter Pan and contains amusement park rides and a zoo.
"Mr Jackson is in the final stages of refinance and will not lose Neverland Valley Ranch," his spokeswoman Raymone Bain said. The 49-year-old singer closed the ranch after his trial and has since lived in Ireland, Dubai, Bahrain and Las Vegas. Earlier this month, he told US magazine Ebony that he was now living on America's east coast.
Remember the above article? Notice the date of the article is exactly 3 months ago. That covers the 90 day foreclosure period allowed in California before they sell your property. And just as I said earlier, this is not a tax payment that is owed to the county. This is a loan that was taken out using Neverland as collateral.
Now, notice that when this first happened...first went into foreclosure, Raymone is saying here that Michael will not loose the ranch AND that he is IN THE PROCESS OF REFINANCING. Also notice that she is saying that he is in the FINAL STAGES of refinancing his property.
What I think is happening here is this....Michael is being refinanced by another lending institution other than the one currently handling this loan as well as his property. And while he is in that process, he is not going to pay the $25 mil that is owed because he knows that once his loan is finalized, that amount will be included in his refinancing of the entire property. In the meantime, the county records will continue to show that the property has been in foreclosure since November. And now that the 90 day period is up, the county has no choice but to file the necessary document at the courthouse and serve notice on Michael of their plans to include the property in the next county auction. They have to do this just in case he doesn't get his refinancing and never pays the money.
This is a process. And because Michael has started this process, I guarantee you that his lawyers have already contacted the county office and informed them of the refinancing that is going on.
I truly believe that if Michael really wanted to get rid of this property for whatever reason, he would not be trying to refinance it. For what? Why not just sell it? If he did not want it, he could have put it up for sale a long time ago. Obviously, he wants his property.
So I look for this situation to be resolved in the next few weeks. And when Michael is finished with his refinancing and still owns Neverland by the middle of March and we don't see the media out there with cameras filming the auction of Neverland and celebrating the news that Michael has finally lost Neverland, then you can bet that this matter has been resolved.
My prediction is that come middle of March, Michael will still be owner of Neverland, and people like RF will be writing some stupid article about how Ron Burkle loaned Michael the money to pay his debt, but he still owes Fortress $350 mil, blah, blah, blah and he still has no place to live and no money and don't forget the Prince is suing him in London, and by the way, he married Grace this weekend, blah, blah, blah, to be continued! You know how it goes!
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"Michael Jackson, he told me what rock and roll meant," he added. "He said, 'Rock and roll, you know, that means having sex. That's what they used to say back in the '50s: "You ever rock and roll?" ' Chillin' with him, you have a outlook on what Michael Jackson will be like. He still is real proud of being black. A lot of times he's repressed in the media, so you don't think that." ---Will I Am, MTV.com news, 2/2/07