Pop Legend Saves His Neverland Ranch
Pop legend Michael Jackson has managed to save his California-based ranch Neverland from being auctioned off. The Neverland ranch faced foreclosure since Jackson defaulted on the $24 million property loan.
Jackson purchased Neverland 20 years ago at a cost of $28 million to make a fantasy island for children. In its heyday, Neverland used to have a Ferris wheel, a roller coaster, game arcades and a zoo with elephants, giraffes, orangutans and many other exotic animals. Even though Jackson stopped residing in Neverland after he had been acquitted of sexual molestations, the ranch still has an important place in Jackson’s life.
The Los Angeles Times reports that the loan was purchased by Colony Capital LLC and was the latest deal to keep Jackson from losing the 2,500 acre ranch.
In March, Jackson, 49, reached an agreement with his creditors, Fortress Investment Group, to postpone an auction until this week. Colony spokeswoman Caroline Luz said the auction has now been canceled.
Any other details of the agreement between Jackson and the Colony Capital LLC are confidential.
No related posts.