Michael Jackson saves Neverland

[mrs.v]

Looks Like Jacko Won't Have to Packo
Posted Thu. Mar. 13, 2008 12:28pm by The Sixers Filed Under Michael Jackson, Neverland Ranch



Michael Jackson has made a last-minute deal to save his famous former home, Neverland ranch, just days before it was scheduled for public auction.
According to Jacko's lawyer, L. Londell McMillan, the King of Pop worked out a "confidential" deal with Fortress Investment Group, which allows him to retain ownership of the combination house/amusement park in Los Olivos, Calif.
"Neverland and MJ are fine," McMillan said in a statement.
The 49-year-old singer owed $24.5 million in taxes on the 2,500-acre spread northwest of Santa Barbara, and the auction had been set for next Wednesday, March 19.
A source close to Michael said that it is not clear whether or not the singer, who has not actually lived at the ranch since being acquitted of child molestation charges in 2005, will keep the property or put it up for sale.



Michael Jackson makes deal to save Neverland Ranch from auction

[Grimmlok]

These Fortress people are ridiculously forgiving, especially given Jacko's track record and fallen income potential.

[KrisNine]

This probably explains the first time ever use of Beatles songs on American Idol

[moomies]

He's just like a little kid not wanting to let go of his toy or not letting his parents throw/give it away even though he doesn't like it and doesn't use it anymore.

[emkat]

Originally Posted by KrisNine

This probably explains the first time ever use of Beatles songs on American Idol

OMG, you are so right!

[Str8_uncut-jock]

I can't believe he pulled this one out. What is he waiting for...just sell the damn place!

[DeadDwarf]

I laughed when I read this title and saw that big red thumbs down next to it! lmao

[Just Kill Me]

Originally Posted by KrisNine

This probably explains the first time ever use of Beatles songs on American Idol

What someone else said... that's totally it.
I still don't believe that Bob Dylan was there though... this all makes me want to listen to the Travelling Wilburys.

[Palermo]

Again?

[Laurent]

Originally Posted by KrisNine

This probably explains the first time ever use of Beatles songs on American Idol

Bingo.

I'll bet Sir Paul is foaming at the mouth.

[Bijoux]

They used The Beatles songs on American Idol?????!!!!!!

*head meets desk*

[MissVenus]

Actually, I think it's great to use the Beatles cause at least it introduces them to a whole new generation who only have manufactured pop-crap as their benchmark of 'good music'...

[Beeyotch]

Lies and spin. He is so losing Neverland, that bitch really is headed for foreclosure like everyone thought. They just made up that bit about "an agreement" to save face. WTH bank is gonna come to an agreement about you owing them--and defaulting on--millions of dollars for years?

Neverland Not Saved

Stop the presses! Despite proclamations from Michael Jackson's camp today to the Associated Press, Neverland Ranch is still in foreclosure.

According to my sources, Jackson was not able to work out a new deal with Fortress Investments. He did get a postponement of the planned public auction. It will now take place on May 14th, at 1 p.m. in Santa Barbara County.

The shock of this is palpable since Jackson's reps were convinced they'd made a deal with Fortress to prevent an auction. That plan would have put Jackson's problems off for a year while his group searched for new financing. They would have to pay Fortress around $6 million for the privilege.

So: attention wire services—please update with our credit and don't accept spin. The $24.5 million Neverland auction is going forward.

[Laurent]

Foreclose and auction already. If he can't come up with $24.5 now, chances are great that he won't be able to come up with $30.5 in a year.

Get it over with.

[KandyKorn]

Why would he think he can come up with this $$$ all of the sudden? The place should be razed. Bad memories, bad karma.