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

[wannabestartinsomthin21]

Reuter's Version of the news.
http://www.reuters.com/article/mergersNews/idUSN1150087420080511
Michael Jackson says ranch foreclosure averted
Sun May 11, 2008 3:06pm EDT
NEW YORK, May 11 (Reuters) - Entertainer Michael Jackson said on Sunday a foreclosure sale on his Neverland Ranch property in California has been canceled by Colony Capital LLC, which acquired the loan on the ranch from Fortress Investment Group (FIG.N: Quote, Profile, Research) and is negotiating a deal.

Jackson said in a press release that he was "in discussions" over the ranch with Colony and was "pleased with recent developments."
A spokesman for Jackson declined to provide further details. (Reporting by Dane Hamilton; editing by John Wallace)

© Thomson Reuters 2008.

Michael's obviously deciding what he want's to do with it. It's his choice and he's getting everything in his life that fell apart back on track. That's what matters. People should be happy.

 

[mello1]

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?

Originally Posted by LetLive50
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:

Usually MJ fans don't structure a sentence in this way if they aren't one. Rather awkward, don't u think?

And I don't have a problem. But don't enter the slope of member disrespect.

 

[ShannonMJ4827]

what that mean does Michael Jackson still have Neverland or did his sold it I hope his still have it Neverland will not be the same with out Michael or Michael will not be the same with out Neverland Michael build Neverland for the Children and his kids too

 

[CherubimII]

Michael Jackson Says Ranch Foreclosure Averted
http://www.washingtonpost.com/wp-dyn/content/article/2008/05/11/AR2008051101419.html
(See updated information in red below.)
Reuters
Sunday, May 11, 2008; 4:55 PM


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)© 2008 Reuters

​

 

[144000]

'significant financial problems' 'formerly high flying' 'slammed'


reuters drawing conclusions even though they can't reach anybody for comment?

 

[AllForMJ]

The beauty of "rosey-rosey" glasses...

The bottom line is this...

Could of, is not "did." The ranch is still his, and what could of happened, did not.

If he were someone that didn't have a way to generate revenue, THEN there would be a cause for alarm. The thing is, he is not someone that does not have a way. He is someone that does have a way.

He is the greatest entertainer in the world. What more do you need to know about his way of generating revenue. You alreay know he's capable of doing it, so don't taunt yourselves unnecessarily.

Onwards to the next phase, Mike. Some of us don't mind wearing "rosey-rosey" glasses. It's much better than wearing "midnight black." Some of us actually get tired of hearing the views of those that cannot see through their lenses. We've been hearing their negative views over the airwaves and via periodicals for over a decade. And everything that they have spewed to date has come to naught. It's time for something new. Are you game? I know you are. :flowers:

And can someone pleeeease throw away that "panick" button that keeps getting pushed every time some negative article rolls off the printing press? It would be sooooo nice to get rid of that thing.

Also, be thankful that what is taking place right now did not take place during the trial when he actually would not have had the time or energy to deal with it. That ranch would have been gone by now, because it would have been taken while he was completely preoccupied with madness.

 

[wannabestartinsomthin21]

Some people just like to wallow in their own negativity. What's especially funny is that their being negative over something they know nothing about. Unless you are Michael's finacial advisor or Michael himself, there's no way to assess that Michael doesn't have this under control. Michael says he does. Then Michael does.

 

[AllForMJ]

Some people just like to wallow in their own negativity. What's especially funny is that their being negative over something they know nothing about. Unless you are Michael's finacial advisor or Michael himself, there's no way to assess that Michael doesn't have this under control. Michael says he does. Then Michael does.

Honey, what's trippin' me out, is this...

Some of these people here that are trying to chastise him, are basically trying to say that if they had gone through the "exact same thing" that he went through, from start to finish, they would have had the ability to keep their entire empire in tact 100% with people stealing from them and everything.

Yeah, right!!

 

[wannabestartinsomthin21]

Talk about it. I can promise you that if people here who chastise him over the state of his business affairs had gone through even a fraction of what he did, then it's not even likely there would still be anything to salvage for them, they probably would have let it go completely to pot. The fact that Michael held it together as well as he did is remarkable, considering he didn't have any time, energy or reason to even care about it.

 

[CherubimII]

Please, allow me to quote myself:

Just remember, it's Wonderful news, because Michael Jackson is pleased with these arrangements.
He released this statement saying so:
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.”
http://www.businesswire.com/portal/...d=news_view&newsId=20080511005036&newsLang=en

:clapping::cheers::clapping:

 

[Soso Deaf]

wooooooooooooooooooooooooow.....

okay so instead of slamming and berating the fan who obviously has no clue, we should explain to said fan what's really going on. i find the cut/paste function works well and helps avoid re-typing the same thing.

priscilla is NOT a stupid woman. elvis had less than $1M when he died. she's the one who turned his likeness into a cash cow. graceland included allfor her DAUGHTER! very wise moves, a lot better than what she did on that 'stupid' dancing program.

whatever mj decides to do w/ teh ranch is his own damn business. what other celeb has their every financial move reported on this much? people only reporton it b/c they want him to lose the ranch. hell, even the fat man said if the ranch were to be divided up and sold as a few different properties, mj could make about five times as much as it's worth right now. he ain't doing that and he's holding onto it for a reason. let the man do what he does best.

and MELLO......I WANT SOME DEEP DISH!

 

[TSCM]

what that mean does Michael Jackson still have Neverland or did his sold it I hope his still have it Neverland will not be the same with out Michael or Michael will not be the same with out Neverland Michael build Neverland for the Children and his kids too

Yes, Michael remains the sole owner of Neverland. The only thing that has exchanged hands here is the loan against Neverland, which has been passed from DBCG, LLC to Colony Capital, LLC. Some laughable news outlets like Undercover HD are erroneously running with the headline "Michael Jackson Sells Neverland" based on Michael's simple statement that he is "in discussions with Colony and Tom Barrack with regard to the Ranch and other matters" but again, those reports are not accurate, at all. Whatever Michael decides to do with the ranch in the future is up to him, but it will not be sold at public auction nor has it yet been sold to any other party.

I did get wind of a very quiet rumor several weeks ago that, according to Ron Burkle's advisers, talks may have been underway for Ron Burkle to acquire the property and then sub-divide it into many individual parcels for rent or development (i.e., condos/apartments)... Although this rumor did not originate from any known gossip columnists or tabloids, obviously it is still fully unsubstantiated and it would be Michael's decision whether he ever would allow something like this or not.

I'm sure that once Michael puts out his new album, does some performances or makes some TV appearances, this loan/debt can be cleared up in no time.

 

[AllTheLovelyFlowers]

You know you critics need to remember that while Michael was fighting for his life and his freedom, there were crooks waiting in the wings to snatch his Neverland and his catalogue right from under him. And you know why they would have been successful?

POWER OF ATTORNEY!

If Michael would have been incarcerated, it would have been nearly impossible to manage his financial affairs from prison, especially since his lawyers had POA to pay his bills and manage his money. How do you think Michael was able to sue those lawyers/attornies for not paying his bills? Because he gave them POA to do so and they did not....they let his Workers Comp lapse and the media ran with it and blamed Michael.

In my honest opinion, Michael being able to hold onto his assets while going through that terrible ordeal was a very hard juggling act. It is very easy for attornies to wrestle assets from a client who has been incarcerated. That is why a conviction would have opened the door for Michael to loose everything he owns. If lawyers/accountants can neglect your bills and mismanage your money while you are free, imagine what they can do if you are incarcerated?

Michael has proven to me that he is a very strong and determined individual. And if you think Thomas Mesereau was cheap, think again. I can betcha that his services costs at lease $4 or $5 mil. That trial costs Michael a lot of money. And now he has spent the last couple of years trying to pick up the pieces of his life and spend time with his children. Let the man be. Let him be, for God's sake.

 

[wannabestartinsomthin21]

Interestint TS. Whatever Michael want's, that's what he should do. I just didn't want to see the ranch taken from him, which obviously won't happen. As you said, as soon as Michael gets his album out and all of the stuff that goes with it, he'll start to make plenty of money and will be able to completely push the debt issues aside.

 

[AllForMJ]

When most people say they're walking around with the world on their shoulders, it's just a figure of speech.

If Michael Jackson were to say it, those words fit. Everytime he makes a move in life, the whole world is up in his mix.

Let one of your checks bounce, or a bill get behind...the check just bounces and the bill gets behind.

Now let that happen to Michael Jackson. It becomes a freaken headliner...an article that's most likely being written by someone whose own bills are not up to par. See, this is why it just doesn't make sense to be trippin' off this so hard.

Michael is holding this together with an enormous amount of strength that the average person does not have. Michael's life is big. He is a walking corporation. He's been one for a while and he knows how to hold his own. Especially, when people stay out of his way.

Now, back to the GOOD news...

KUDOS, Michael. Work this to your full advantage, baby boy!
:clap:

 

[Ape]

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.

Exactly, it is called Leveraging. It is stupid not to do it, especially now that the cost of borrowing money is so low. It is foolish to pay cash for something that you can pay off over time and have it cost so little to borrow that money and use that money for other investments. If it costs you 6%/year to borrow a million dollars over a 25 year term and can put that money into an investment that will bring in minimum 10%/year, you are smart to borrow the money to invest it. It just makes sense. That is business.

The best way to make money is to make your money work. That's just what he is doing it sounds like! (I haven't been reading these though..just skimmed through and saw your post and a few others, wanted to add my two cents *on loan* :lol

 

[Datsymay]

Exactly, it is called Leveraging. It is stupid not to do it, especially now that the cost of borrowing money is so low. It is foolish to pay cash for something that you can pay off over time and have it cost so little to borrow that money and use that money for other investments. If it costs you 6%/year to borrow a million dollars over a 25 year term and can put that money into an investment that will bring in minimum 10%/year, you are smart to borrow the money to invest it. It just makes sense. That is business.

The best way to make money is to make your money work. That's just what he is doing it sounds like! (I haven't been reading these though..just skimmed through and saw your post and a few others, wanted to add my two cents *on loan* :lol

indeed. People tend not to look at the big picture, We have allowed fcukface to determine how we respond to MJ's finances. We post and discuss articles that orignated from him. The rest of the media salivate when they hear anything about MJ's finances so f...face wins all the time. The media never returns to correct the lies. They do not care.

That man has been a danger to MJ. He has made it difficult for MJ to do business because he is always there spinning lies. Banks do not want drama, they just want to do business. FF causes drama everytime MJ goes to a bank, and this must be hurting MJ considerably.

I actually believe that there is a conspiracy going on. But I also believe that god has positioned himself right there to see that MJ gets through this. He is doing fine considering who he is up against.

 

[Bee.]

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!

What I do not get is why do people who made no real contribution on this board all of the sudden, come on here and make random post as if they know what they are talking about? Just asking.

This is great news for MJ and I am glad that things are FINALLY going smooth with Mike.

 

[elusive moonwalker]

reuters drawing conclusions even though they can't reach anybody for comment?

reuters are very anti MJ there B.S reporting during the trial showed that. blatently reporting the wrong testimony and saying mj had lost key motions when it was the total opposite.they are negligent at the very list

What I do not get is why do people who made no real contribution on this board all of the sudden, come on here and make random post as if they know what they are talking about? Just asking.

someone whos upset that mj didnt lose the ranch. cause they have no intrest posting at any other time

 

[punchdrunklove114]

Glad for Mike whatever he was gonna do i was cool with it, now it's time for an album Mike.

 

[Big Apple2]

I like the sound of this Tom Barrack person. Mr. Barrack is the Founder, Chairman, and Chief Executive Officer of Colony Capital, LLC. MJ is definitely surrounding himself with some powerful people, that's for sure.

Colony has INVESTED more than $36 billion in real estate assets since its founding in 1991. Mr. Barrack also served in the Regan administration as Deputy Undersecretary of the Department of the Interior.

 

[melovemj]

I'm not good at all in accounting and banking stuffs. juat let me get the point,
MJ still own Neverland right?
and he will be able to pay the loan?right?
and...Neverland is still belong to MJ?right?

 

[Bee.]

someone whos upset that mj didnt lose the ranch. cause they have no intrest posting at any other time

Right. I never seen that poster before.

Anyway, to answer melovemj's question: Michael still owns NL, the estate is still his.

 

[Irish Flower]

As expected. Keep doing your thing MJ.

And sick of fans who don't have a clue about business.

 

[AllForMJ]

What I do not get is why do people who made no real contribution on this board all of the sudden, come on here and make random post as if they know what they are talking about? Just asking.

This is great news for MJ and I am glad that things are FINALLY going smooth with Mike.

These people also most likely DID NOT contribute to encouraging Michael to stay strong either while he was fighting for his life. Yet, they are sitting up here waiting for him to put out more music for them to enjoy.

If they are saying the positive fans are wearing "rosey-rosey" glasses, then it can only mean they have been mainly wearing the opposite of "rosey-rosey." They mainly look through the lenses of "negativity."

By making the type of comments that they make, they are unveiling themselves.

I'm also starting to think that some of the people here that come out and make these funky comments from time to time are the members of the media that are lurking on the board. They talk mess whenever they think the pendulum is swinging in their direction and then they get quiet when they realize that it isn't.

 

[Ape]

Maybe it is time for the media to take off their filthy glasses and start cleaning them up so they can actually see what is really going on. Start seeing the truth and start being STRONG enough to report it! Stop being tabloids. IS that why they got into writing? To sway people to their own way of thinking or to report truth? Sway, or Truth?? Which is it going to be?

 

[Ape]

and while you are at it, why not go ****** report something important? Find the truth then open your eyes to the things going on in the world! LOOK around? Look at the world and then come back and see what Michael stands for. Then listen to his music with your EYES opened. Then stop reporting this trash stop sticking your nose into these unimportant things and go make a difference in the world! You guys with your pens have the power to sway, you really do. Good for you, Now go make a difference in this world for the better instead of being a bunch of bullies and gossiping girls. Write about the devastation and need for help. Ask people to lend a hand instead of taking your FOOT to stomp on someone who you want to drag down. ENOUGH! Go do something real.

 

[MJsPanda]

I'm sooo happy everything is taken care of, which I knew it would be anyway! We need to just trust Michael more, and stop freaking out so much!

I :wub: you so much Michael!

 

[Mechi]

Maybe it is time for the media to take off their filthy glasses and start cleaning them up so they can actually see what is really going on. Start seeing the truth and start being STRONG enough to report it! Stop being tabloids. IS that why they got into writing? To sway people to their own way of thinking or to report truth? Sway, or Truth?? Which is it going to be?

Well it's not about filthy glasses... it's about money and power only... and it's about information monopole.

The future of Neverland is still in negotiation and it's good to know Michaels voice still seems to have some value in this.
Decided seems to be nothing really yet.

 

[Ape]

That is why I say they have to be strong enough to report the truth.