Colony Capital Buys Michael Jackson's Loan, Neverland Foreclosure Averted

LOS ANGELES — A foreclosure auction scheduled this week for Michael Jackson's Neverland Ranch was canceled after an investment company bought the loan.

Colony Capital LLC spokeswoman Caroline Luz said the loan purchase was recently made by Colony and the auction slated for Wednesday was off, the Los Angeles Times reported Monday.

In a statement released Sunday by a Jackson spokesman who identified himself as B. Michael, the singer said he was "pleased with recent developments involving Neverland Ranch ... that would allow me to focus on the future."

Jackson had gone into default on the $24.5 million he owes on the 2,500-acre spread in Santa Barbara County. He has struggled to pay his debts in recent years after his financial empire crumbled following his arrest in 2003 on child molestation charges. A jury later acquitted him and he hasn't lived at Neverland for the past two years.

Jackson's attorney, L. Londell McMillan, declined to comment to The Associated Press on Sunday. A call by the AP to Colony Capital was referred to a public relations firm.

Jackson bought the property in 1988 and turned it into a miniature amusement park with rides, including a merry-go-round, Ferris wheel and roller coaster, and a zoo.

Comments

[Coyote2]

Got ya, coyote2 (I think).
Was just trying to figure out how you can put together Michael Jackson and Coyote...
Posted by: utah on December 31, 2005

The presence of Coyotes indicates a time of change is upon us -- this is the time of Coyote. Dark coyotes are tyrannical and destructive " GW Bush could be such. Coyotes are typically the village fools unexpectedly endowed with power. This describes our friend Bush.

If any of this is true, then we should also see expressions of Coyote in the arts. Artists are often sensitive to the undercurrents of the universe; Until then my friends, I am just a fool;

Artistic expressions of Coyote:
Check out some of Madonna's poses /pics. Look at her eyes. Very coyote-like. She is picking up the universe's vibes and running with the Coyote story.

Michael Jackson is perfect for the Coyote role; ambiguous sexuality, improper sexual image; love affair with plastic surgery, tall, thin, dark, evil, yet an artist, a creator with his own agenda; and he is in need of financial success.

I can see Michael developing his Coyote persona playing Phantom of the Opera on stage. Face piercings that his stage mask parts clip onto. He wears his stage mask and Coyote masks in public. A combination of fantasy, beauty and ugliness " Michael can make it real!

A more perfect Coyote character could not be found. Michael Jackson the muse of your heritage is calling you.

Hellooooooo............Michael...........call me

[gcallaghan]

Playwrights ought to busy themselves with trying to capture Jacko's massive ego, personality flaws, insecurities and vices while he's still with us. Shakespeare would drool at a chance to study an improbable character like him up close.

[gcallaghan]

These guys can't be betting that Jackson will come up with any cash. The deal works out to about 100K per acre. Not a bad price for land in Santa Barbara.

[situationcritical]

Nah, Jackson has no other source of income to come up with any sort of cash should he want it.

How Sony wishes that were true.