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Jacko Saves Neverland

05/12/2008
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The following story was part of the Day in Rock Report for 5/12/08 - (Hecklerspray) You'll remember that earlier this year Michael Jackson's Neverland ranch faced foreclosure after Michael defaulted on the $24 million property loan. Although Michael Jackson managed to wiggle out of the foreclosure by refinancing it with a big investment group, it was only a temporary solution - instead of cancelling the foreclosure auction outright, it was only postponed until today.

But, just in the nick of time, Michael Jackson has managed to avoid foreclosure for good and keep Neverland for himself by doing all sorts of complex financial maneuverings that don't really seem to be all that clever or safe, as the Los Angeles Times reports: Pop star Michael Jackson sidestepped a foreclosure auction of his Neverland Ranch after an investment company bought the loan on the troubled Los Olivos property, a spokeswoman said Sunday. The loan purchase by Colony Capital LLC was the latest deal to keep the 2,500-acre ranch from being sold off. In a statement released by a Jackson spokesman, who identified himself as B. Michael, the pop star said he was "pleased with recent developments involving Neverland" that would "allow me to focus on the future."

Thank god - now that Neverland is safe Michael Jackson can now finally start focusing on the future. That's important, because it's difficult to plan to spend far beyond your means, consistently fail to record any new material and entangle yourself in a string of ever more complicated financial woes when a house you haven't lived in for several years is up for sale. - more on this story

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