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

NEVERLAND IS BEAUTIFULL....:wub:
Gaze at the pictures long enough,
and you can almost hear Michael Jackson singing....

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could that michael B spoksperson work for the colony company?
 
elusive moonwalker said:
could that michael B spoksperson work for the colony company?
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I was wondering that myself. I certainly wouldn't take this as a sign Bain is gone.

Really, between both press releases the only thing we know is there won't be a foreclosure sale on the 14th.

I wonder what the 'other' is that was mentioned. Maybe Michael is using Colony for some further loan consolidation or business deal in addition to the ranch.
 
elusive moonwalker said:
could that michael B spoksperson work for the colony company?
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well maybe but i dont think so! it may be just one of those reporters!

anyhow I'm happy that Michael is taking care of it and he is informed about what's going on! cause I know he'll nevel ever sell Neverland! Neverland is a symble of Michael!:wub:
 
I wonder what the 'other' is that was mentioned. Maybe Michael is using Colony for some further loan consolidation or business deal in addition to the ranch.
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maybe. they work in a field that mjs kinda had plans/involvment with big hotels and events etc. maybe the quote from norm clarke about mj suuposedly doing something with a big hotel was more about the loan and it got twisted? totally guessing here
 
I don't understand this negativity or the hype.
Months ago it was said that MJ was refinancing the ranch looking for others company and investors. He was looking for those before the auction troubles.
MJ got away with the loan of 300 millions, but he still had this loan with fortress on Neverland, that he asked in 2006 to buy an other 5% of the Sony/ATV catolog that used to belong to Branca.
Then the story moved on like all those classic business stories. It ended with Colony Capital buying his loan off and he dealing with them for business. It seems to me something so normal, nothing to be so frustated or happy about..come on everyone knew that the auction actually had no chanche to take place.

Just move on with that story, normal business deal! If you want a piece more of a catalog such Sony/ATV you do loan and mutual agreement, and if you try to work with someone else the company or bank who landed you the money is going to threat you that way!
I know it, it happend to my parents as well in the past. So normal, so boring.

And actually I don't think MJ needs to pay off the whole loan at once, is much better to pay a little bit a year and enjoy the big money he makes every months... my personal view anyway!
 
come on everyone knew that the auction actually had no chanche to take place.
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yeah well it was way to close for comfort especially with the economy being as it is.it couldnt have happened at a worse time
 
elusive moonwalker said:
maybe. they work in a field that mjs kinda had plans/involvment with big hotels and events etc.
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I was thinking this same thing based on Michael's quote...

i get the feeling he does have big plans for Neverland and it might go in the lines of what Rev Jessie Jackson mentioned at plans for Neverland.. but I am just guessing too...

all in all.. this is good news...Michael was quoted by ligit press of saying "he is pleased"...so I prefer not to spin it like good ole' Fox news...
 
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Don't think so... I never thought about it.
A true story is that Graceland went on an auction years ago and it was sold for 4 millin only and Priscilla went on a stupid programm called dancing with the stars this year... come on, that is a real fact.
I had no doubts about neverland, too much hype aorund it, and the MJ was too quiet saying "or well we are dealing with others, MJ has never had the risk to lose neverland..." you know, if you say something so strong and it is completely false, has really no sense at all for a pr move! that's why I was sure about it.
 
i get the feeling he does have big plans for Neverland and it might go in the lines of what Rev Jessie Jackson mentioned.. but I am just guessing to..
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working with the company to turn the ranch into something??
 
elusive moonwalker said:
yeah well it was way to close for comfort especially with the economy being as it is.it couldnt have happened at a worse time
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I agree. And here is another article that speaks about terms being worked out after the fact. This gives just a tad more info. I was thinking of the risk for MJ by having to negotiate terms after the loan is sold but I hadn't thought about the fact that the lender is taking a risk as well. Hopefully something will be arrived at that is win win.

http://news.yahoo.com/s/nm/20080511/en_nm/jackson_colony_dc_3

Michael Jackson says ranch foreclosure averted

NEW YORK (Reuters) - Entertainer Michael Jackson said on Sunday a foreclosure sale on his Neverland Ranch set for this week was averted after a loan on the California property was sold to Colony Capital, a large real estate investment firm.

The loan, which sources familiar with the matter said was about $23.5 million, had been held by Fortress Investment Group , a New York-based private equity and hedge fund group. The 2,700-acre ranch in Santa Barbara County was slated to be auctioned off on May 14 after Jackson defaulted on loan payments.

In a press release, Jackson said he was in discussions with Colony and its founder, Tom Barrack Jr., "with regard to the ranch and other matters."

Colony, a Los Angeles-based firm that has invested more than $39 billion since its founding in 1991, is "very comfortable" holding the loan while it negotiates payment terms, a person familiar with the situation said.

Representatives of Jackson and Colony declined to comment. A Fortress representative could not be reached for comment.

The formerly high-flying singer and songwriter saw his career slammed a child molestation trial in 2005. Even though he was acquitted on all counts, he has faced significant financial problems in recent years.

(Reporting by Dane Hamilton; editing by John Wallace)
 
:angel:Wow we even got statement from Mike on it. Congrats again on securing NR. :clapping:
 
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And the media didn't even focus on Graceland going up for sale. The conveniently kept quiet.

I am very happy that Michael is keeping his ranch. And I think that he has a plan for repaying his loan. However, believe that the amounts that the media claims Michael owes....$350 mil....is inflated for dramatic effect. The reason I say that is because it came out in the trial that Michael had a huge loan, but it was not this much. And when you consider the fact the the accountant in the trial was not given ALL of Michael's financials, then you have to wonder if it is even as much as what came out in the trial.

So the truth is we don't know how much Michael still owes because the media will never tell us. The will just continue to claim that Michael is $350 mil in debt.
 
elusive moonwalker said:
working with the company to turn the ranch into something??
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possibily?? I wish I could find that Jessie Jackson's quote..

time will tell...

anyways, from what i see.. I see a man holding on to his investment.. and trying to find a way to make that investment...now.. work for him... after all those years of Neverland being the charity to everyone ... The Make a Wish Foundation, American Cancer Society.. etc...thousands of folks came and enjoyed Neverland for free...

wouldn't blame Michael one bit.. to have it now profit for him...
 
Re: Neverland Ranch Auction CANCELLED (as of May 9th)

soso def said:
do u know how many times i keep trying to buy that bloody house and i keep being thwarted in the 1th hr.....someone will have to pay forthis. y do i keep listening to the dancing chicken? grrrrrrrrrrrrrrrrrrrrrrrrrrr
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Awwww SoSo!!!! Congrats!!!!!!
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:clapping::clapping::clapping:​
 
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eternitys_child said:
I agree. And here is another article that speaks about terms being worked out after the fact. This gives just a tad more info. I was thinking of the risk for MJ by having to negotiate terms after the loan is sold but I hadn't thought about the fact that the lender is taking a risk as well. Hopefully something will be arrived at that is win win.
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I think that phrasing is for the media..

I am pretty sure terms have already been worked out .. before this press release....
 
ahmadnat said:
LOL... MJ just keeps on transferring his loans, and piling up the trouble rather than solving it.


by the way Is the number after B.Michael, MJ's number???
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You have no idea what you are talking about. Do you understand how much money can be saved by just lowering the interest rate alone? And who sez that he is just merely transferring the loan? He -- out of his own mouth, sez that he is STILL IN TALKS WITH THIS MAN ABOUT HIS RANCH. That could mean just about anything.

Don't project facts that aren't there.
 
was thinking of the risk for MJ by having to negotiate terms after the loan is sold but I hadn't thought about the fact that the lender is taking a risk as well. Hopefully something will be arrived at that is win win.
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but when u get to the point mj got to with the auction u dont have much choice.presuming thats correct.i just hope it gets sorted and we never hear about defaults again i guess until that dam loan is paid off its always gonna be in the back of your mind
 
I agree with you, Rasta Pasta.:yes:

anyways, from what i see.. I see a man holding on to his investment.. and trying to find a way to make that investment...now.. work for him... after all those years of Neverland being the charity to everyone ... The Make a Wish Foundation, American Cancer Society.. etc...thousands of folks came and enjoyed Neverland for free...

wouldn't blame Michael one bit.. to have it now profit for him...
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AIN'T It GRAND...Neverland Valley Ranch!!!
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vncwilliam said:
and..AllForMJ...i realize MJ has enemies. i do listen carefully to what he is saying without putting words in his mouth. i also realize that MJ is still standing after forty something years..

there is nothing to worry about. all these 'people helping him' have come and gone, and continue to come and go. MJ is the only consistent person in the picture. for more than forty years..

that's what i'm getting at...

there is nothing in MJ's statement that suggests that he is in any kind of trouble...nothing at all. and i ain't goin lookin for trouble where there is none...
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Yes, that's right. They have come and gone. They weasel their way into his life, make a mess of things and then get the boot.

He's merely cleaning up the mess that was left behind by the thieves that had disguised themselves as financial advisors. Schaffel and the others made a huge mess of things. They weren't looking out for him at all. They were looking out for themselves while they were lining their pockets with money for no real services rendered.

He's cleaning up the aftermath.

Also, these fools made a big mistake trying to sue him. It backfired and gave him a good clear look at all the things they were doing, and it has also been documented in a court of law.

He is now in an excellent position....

He has weeded out those that are phony. He has replaced them with real professionals such as McMillan and Co. He's had much success with his Thriller anniversary project. His life is now calmer and more manageable. The world is still waiting for him. His estate has been taken off of the auction list. And all he has to do is finalize his projects that are already in the works.

Things are looking lovely indeed... :yes:
 
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elusive moonwalker said:
but when u get to the point mj got to with the auction u dont have much choice.presuming thats correct.i just hope it gets sorted and we never hear about defaults again i guess until that dam loan is paid off its always gonna be in the back of your mind
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Well I think the ranch is worth way more than $24 M so a lender should 'be comfortable' holding the loan on it. If the market wasn't so depressed this wouldn't be so difficult. The thing is that when a loan is sold like that contractual obligations between lender and borrower do not go with it. You are starting from scratch. It is a harry business for both parties. Not for those with weak stomachs. Michael is going to want minimum payments I would think until his album and perhaps some performances are due to generate new cash streams. The lender just wants a good return. They don't particularly want to be in the business of auctioning off property.
 
ahmadnat said:
LOL... yay... lets all act stupid and pretend we have no brains ourselves
.wooooh :clapping::clapping::punk::punk:



For gods sake... Mj also said he was happy to be on SMAP SMAP... didnt mean it was a good arrangement! lol

dont know what you all getting confused over. Basically MJ has ammassed massive loans which have been increasing with interest constantly, and the company wanted to get their money back... and they did, through a company who has paid them off, but now MJ's loans will still continue to grow with the interest set by this newly involved company who MJ is now in debt with

After a while, theyll ALSO want their money back... and MJ will try and get someone else to buy the loans.... etc ....

He hasnt got rid of the problem...just delaying the consequences of it a bit. Like moving fire from one hand to another, just to cool down a bit.. instead of putting out the fire.

PEOPLE WHO SAY I'M WRONG, PLEASE CORRECT ME... not just say "you dnot know anything"... you say it how it is
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ahmadnat said:
The point is.. these loans are obviously too big an undertaking for Mike if he couldnt do anything about them until last minute even when his house was under threat; I'm sorry but thats not how loans usually work. Even the richest people have loans... but they dont nearly lose their house for it.


MJ obviously wasnt paying it off if they were gonna auction his house


Thats correct... and when it was announced Mj had sorted it all out... it seemed as if he might have actually paid a major amount off or atleast started repayments or something.

But its nothing like that... hes simply moved to another company and if he couldnt pay it off properly in past, hows it any different now? After a while, the new company will get peed off that MJ aint paying, and will threaten him again.



Youre whole argument was flawed, but I'll just reply to this anyway. You dont need to be an expert to know that if you owe someone something and you cant pay it off... its not a good thing.
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I get exactly what you're saying. You should know by now you can't change the color of MJ fan's glasses.

That "rosey-rosey" color! :lol:
 
elusive moonwalker said:
the reuters article and mjs statement confuses things

did mj go to this company asking for a deal or did the company just come in and buy it off fortress and now mj has to have talks with them about re payments hence mjs statement. a dodgy road to go down what if talks dont work out.seems a backward way of doing things unless the new company just bought the loan as it is and mj has the same repayments unless things change (ie a lower rate) during talks.meks me wonder what this guys intentions are seeing what his company does if he came in and mj didnt go to him
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Eluwsive, MJ's loan with Fortress was for ONE YEAR ONLY. This is why there was a problem because fortress called in the money while MJ wanted to extend the loan.
The inportant thing now is that the auction has been completely cancelled. Obviously the new company will want to make a deal with MJ. Maybe he will extend the loan beyond one year. That wasn't a wise thing to do in the ffirst place.
 
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mello1 said:
So I take it you are not a MJ fan....
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If I wasn't I wouldn't be on this site, first off. Secondly, just because I agreed with someone who thinks in "rashional" ways, is in no way bad.


So what's the problem?
 
ahmadnat said:
The point is.. these loans are obviously too big an undertaking for Mike if he couldnt do anything about them until last minute even when his house was under threat; I'm sorry but thats not how loans usually work. Even the richest people have loans... but they dont nearly lose their house for it.


MJ obviously wasnt paying it off if they were gonna auction his house


Thats correct... and when it was announced Mj had sorted it all out... it seemed as if he might have actually paid a major amount off or atleast started repayments or something.

But its nothing like that... hes simply moved to another company and if he couldnt pay it off properly in past, hows it any different now? After a while, the new company will get peed off that MJ aint paying, and will threaten him again.



Youre whole argument was flawed, but I'll just reply to this anyway. You dont need to be an expert to know that if you owe someone something and you cant pay it off... its not a good thing.
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The loan was for 1 year only. Obviously MJ thought he could renegotiate a further year or so, but the bank was not able to, so this is why they sold the loan.Maybe the bank was desparate for their money.
If you are a business person with large assets you do not deal with cash, you get loans from the bank, using your assets as colleateral. That is how rich people get their money. Unfortunately, the media is up MJ's a..s everytime he does anything.
 
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eternitys_child said:
I was wondering that myself. I certainly wouldn't take this as a sign Bain is gone.

Really, between both press releases the only thing we know is there won't be a foreclosure sale on the 14th.

I wonder what the 'other' is that was mentioned. Maybe Michael is using Colony for some further loan consolidation or business deal in addition to the ranch.
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The way I am reading this is that MJ might be planning to do something with Neverland. This could be interesting. Obviously, it might involve him charging peope to visit the place, esp if he doesn't intend to live there again.
 
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Rasta Pasta said:
possibily?? I wish I could find that Jessie Jackson's quote..

time will tell...

anyways, from what i see.. I see a man holding on to his investment.. and trying to find a way to make that investment...now.. work for him... after all those years of Neverland being the charity to everyone ... The Make a Wish Foundation, American Cancer Society.. etc...thousands of folks came and enjoyed Neverland for free...

wouldn't blame Michael one bit.. to have it now profit for him...
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Datsymay said:
The way I am reading this is that MJ might be planning to do something with Neverland. This could be interesting. Obviously, it might involve him charging peope to visit the place, esp if he doesn't intend to live there again.
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I completely agree with you two. :flowers: The possibilities are endless as to what they're cooking up. Gotta say I LOVE the way this all came out of nowhere. People are scrambling trying to find out who, what, when, where and HOW this guy/company and MJ got involved. :lol: Nobody saw it comin'. Just BAM! :wub: No loose lips on this deal. :cheers:


Onward to the future! :punk:

Thanks to all for the updates and MJ's statement.
 
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