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Neverland Ranch Auction CANCELLED/Neverland Loan Sold/Statement From MJ (9)

Re: Neverland Ranch Auction CANCELLED (as of May 9th)

Congrats Kate on your delivery!

Boy or girl?
 
Re: Neverland Ranch Auction CANCELLED (as of May 9th)

What I find interesting is that the auction was cancelled shortly after MJ dropped his lawsuit against the accounting firm. I'm wondering if MJ and his team got Whitman and 'em to pay up. Afterall, they are the reason why everything got behind in the first place.

Check this out...

* MJ sues the accounting firm for not taking care of business
* Accounting firm countersues, but Judge dismisses their case
* Last week, it's reported that MJ drops lawsuit
* This week, a fan posts a court document revealing auction is cancelled.

Who wanna bet Whitman and 'em had to fork out some dinero?

Oh, and congrats on the newcomer, Katie! :flowers:
 
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Re: Neverland Ranch Auction CANCELLED (as of May 9th)

SoSo had her lil one ?? Did I read that right ??

:baby:
 
Re: Neverland Ranch Auction CANCELLED (as of May 9th)

so is this the congrats Katie thread now? lol
CONGRATS then! :flowers:

btw what's his name?
 
Re: Neverland Ranch Auction CANCELLED (as of May 9th)

EXCELLENT NEWS:flowers:!!! This was expected! Thankyou God !!! God bless you Michael and God bless our sweet Neverland:flowers:!!! MICHAEL JACKSON-THE PROUD OWNER OF HIS ENTIRE NEVERLAND VALLEY RANCH FOREVER!!! YAHOO:flowers: :jump::clap:!!!

And cograts Katie:)
 
Re: Neverland Ranch Auction CANCELLED (as of May 9th)

Great Newsabout the ranch, and congratulations to Katie! Gave birth on my birthday as well!
 
Re: Neverland Ranch Auction CANCELLED (as of May 9th)

oh lawd! lol

it's a BOOOOOOOOOOY! tore me up...literally. name is zacarias zayd but we just call him zac!
 
Re: Neverland Ranch Auction CANCELLED (as of May 9th)

^^ aaawww so sweet i love that name!


and well done Mike, i hope he goes back to neverland soon
 
Re: Neverland Ranch Auction CANCELLED (as of May 9th)

oh i love that name.he is cute.congrats
 
Re: Neverland Ranch Auction CANCELLED (as of May 9th)

I just found this news item. Question: Why is Michael Jackson's private
financial dealings being reported by the media?:blink:

Michael Jackson's Neverland Loan Sold to Colony, Person Says
http://www.bloomberg.com/apps/news?pid=20601087&sid=a5hU2LENuY8k&refer=home
By Jonathan Keehner and Zachary R. Mider

May 11 (Bloomberg) -- Pop star Michael Jackson averted foreclosure of his Neverland Ranch because Colony Capital LLC bought the loan on the property, said a person familiar with the matter.

Colony, the Los Angeles-based private equity firm headed by Thomas Barrack, purchased the loan from Fortress Investment Group LLC and is in discussions with Jackson, said the person, who declined to be identified because the transaction hasn't been disclosed. An announcement of the deal may come as soon as today, the person said.

Jackson, 49, has been struggling with debts that mounted as he fought charges that he molested a 13-year-old boy in 2003 and held him captive at the ranch, which is northwest of Santa Barbara, California. Jackson was cleared of all the charges by a jury in 2005.

The loan on the 2,900-acre ranch is about $23.5 million and the property was scheduled to be auctioned off on May 14. The auction was canceled on May 9, Fox News reported that day.

Colony spokeswoman Caroline Luz declined to comment. Lilly Donohue, a spokeswoman for New York-based Fortress, did not immediately return a message left at her office today. A spokesperson for Jackson couldn't immediately be reached for comment.

To contact the reporters on this story: Jonathan Keehner in New York at jkeehner@bloomberg.netZachary R. Mider in New York at zmider1@bloomberg.net
Last Updated: May 11, 2008 13:28 EDT

Anyway, maybe this will be a better arrangement for him.
Here's the Forbes' information on Mr. Barrack:
http://www.forbes.com/lists/2006/54/biz_06rich400_Thomas-J-Barrack_WRYF.html
The 400 Richest Americans
#374 Thomas J Barrack
09.21.06, 10:00 AM ET

WRYF.jpg


© AP Photo/Chris Polk​

Net Worth $1.0 billion
N.gif
Source Investments, Self made






Age 59
Marital Status Married, 4 children, 1 divorce






Hometown Santa Barbara, CA, United States
Education University of Southern Calif, Bachelor of Arts / Science
University of Southern Calif, Doctor of Jurisprudence







Son of Lebanese immigrants studied at U of Southern California, then University of San Diego Law School. Started in real estate development, moved on to invest with Robert Bass (see). Founded Colony Capital 1991, bought up bad real estate loans from busted S&Ls. Now owns casinos in Atlantic City, Gulf Coast and Europe, plus luxury hotels and apartment buildings. Bought Raffles Hotel in Singapore last year; then teamed up with Prince Alwaleed bin Talal Alsaud to buy Canada's Fairmont hotels earlier this year. Now duo scouring the Middle East and North Africa for future hotel and resort projects. Splits time between his Santa Barbara mansion and his $3,000-a-night Costa Smeralda resort in Sardinia. Avid surfer, polo player.
 
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Re: Neverland Ranch Auction CANCELLED/Neverland Loan Sold (Page 9)

o god he's from santa banana county....so did mj sell it or just transfer the loan from one company to another?
 
Re: Neverland Ranch Auction CANCELLED/Neverland Loan Sold (Page 9)

soso def said:
o god he's from santa banana county....so did mj sell it or just transfer the loan from one company to another?
Click to expand...

The article said the loan was transferred. See the quote from the article below:

Colony, the Los Angeles-based private equity firm headed by Thomas Barrack, purchased the loan from Fortress Investment Group LLC and is in discussions with Jackson, said the person, who declined to be identified because the transaction hasn't been disclosed. An announcement of the deal may come as soon as today, the person said.
Click to expand...
 
Re: Neverland Ranch Auction CANCELLED/Neverland Loan Sold (Page 9)

Press Release Source: Michael Jackson

Neverland Ranch Note Sold to Colony Capital
Sunday May 11, 2:32 pm ET

LAS VEGAS--(BUSINESS WIRE)--Michael Jackson today announced that the foreclosure sale of his Neverland Ranch property scheduled for this week has been cancelled by Colony Capital, LLC, which just acquired the existing loan on Neverland Ranch from an affiliate of Fortress Investment Group. Mr. Jackson said, “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.”


Contact:

For Michael Jackson:
B. Michael, 562-881-2570

Source: Michael Jackson

http://biz.yahoo.com/bw/080511/20080511005036.html?.v=1
 
Re: Neverland Ranch Auction CANCELLED/Neverland Loan Sold (Page 9)

Looks like Michael has a new spokesperson too.
 
Re: Neverland Ranch Auction CANCELLED/Neverland Loan Sold (Page 9)

is that real? the statement i mean

and Tom Barrack with regard to the Ranch and other matters that would allow me to focus on the future.”
Click to expand...

intresting
 
Re: Neverland Ranch Auction CANCELLED/Neverland Loan Sold (Page 9)

soso def said:
o god he's from santa banana county....so did mj sell it or just transfer the loan from one company to another?
Click to expand...

Sell which, the loan or the property? Richard B. Saltzman is company president. He was formerly managing director of Merrill Lynch & Co.'s Investment Banking division and head of the Global Real Estate, Hospitality & Leisure and Global Leveraged Finance businesses.

I recognized his name but couldn't remember where from. It still seems more familiar than to be just from his association with Merrill Lynch. Has he ever been associated with Michael in any way that anyone can recall?

One of the firms that is listed by Bloomberg as a competitor to Capital is Trump Resorts. Capital has been buying equity in Hotels and Resorts but it sounds like their original business was more institutional clients. The issue is that you don't do $24M real estate loans with your local corner bank so Michael almost has to go to an institutional lender.

We knew that Fortress was known for buying out distressed loans at relatively high rates. I wasn't able to find similar info about Capital.
 
Re: Neverland Ranch Auction CANCELLED/Neverland Loan Sold (Page 9)

mjdove said:
Press Release Source: Michael Jackson

Neverland Ranch Note Sold to Colony Capital
Sunday May 11, 2:32 pm ET

LAS VEGAS--(BUSINESS WIRE)--Michael Jackson today announced that the foreclosure sale of his Neverland Ranch property scheduled for this week has been cancelled by Colony Capital, LLC, which just acquired the existing loan on Neverland Ranch from an affiliate of Fortress Investment Group. Mr. Jackson said, “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.”


Contact:

For Michael Jackson:
B. Michael, 562-881-2570

Source: Michael Jackson

http://biz.yahoo.com/bw/080511/20080511005036.html?.v=1
Click to expand...

That could mean anything.
 
name doesnt ring a bell to me. just hope theres no connections to sneddon and his cornnies the fact this guy is from santa B. i hope all chaecks have been done.theres motives all over the place
 
elusive moonwalker said:
name doesnt ring a bell to me. just hope theres no connections to sneddon and his cornnies the fact this guy is from santa B. i hope all chaecks have been done.theres motives all over the place
Click to expand...

Saltzman is a pretty common Jewish name I guess. It just bugs me because I am thinking he was in the news a while back and I don't recall why. Might have been a different Saltzman.
 
rumours is a four letter word. i hope people aren't starting to get meticulously worried about MJ and neverland..

lol..this thread is getting longggg

congratulations on the baby!:clapping:
 
but what is the use of MJ making a statement if people are not going to take it serioulsy.

He made a statement that is calming...

people want him to talk, but when he does...who listens?

anyway..i'm talking about the rumours of Bain being axed...not, neverland stuff..
 
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