Michael Jackson Defaults On Neverland Loan
Michael Jackson has handed over the ownership deeds of his Neverland Ranch to Sycamore Valley Ranch Co, a company which he owns a partial stake in.
According to Tom Pearson, of the Santa Barbara County clerk-recorder’s office, the singer filed the deed on Monday 10th November, handing full ownership over.
Sycamore Valley Ranch Co. is a joint venture between Jackson and an affiliate of Colony Capital LLC. It is reported that Jackson had defaulted on a loan of $24.5 million (around £15 million) that he owed on the Neverland Ranch and had to be bought out by Colony Capital.
The property was originally called Sycamore Valley Ranch. Jackson bought it in 1988 and set about turning it into a miniature amusement park with a zoo, Ferris wheel, roller coaster and other rides, inviting thousands of children along for the experience.
Jackson subsequently renamed the ranch “Neverland”, after his fascination with the mythical land of Peter Pan.
It is alleged that Jackson has suffered some financial difficulties following his 2003 arrest on charges that he molested a 13-year-old boy at the ranch. He was eventually acquitted of all charges.
Seems like Michaels financial experts have yet again pulled him out of another sticky situation. I’d find it hard to believe that Michael will have to vacate the ranch – which means that he has just been handed $25million for nothing.
Nice.
All celebrities get saddled with bad financial advice, MJ is no exception I guess. There a few out there that remain conservative with their money or invest properly. I don’t know much about entertainment, but the likes of Lebron James and Chris Paul come to mind in regards to being conservative and investing for the future.
MJ was litterally invested in the past, his childhood, or lack of one.
TLC.
Robbed. Wasn’t much good financial advice floating around for them…