Foreclosure Process Ends For Now On Michael Jackson’s Neverland Ranch
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Michael Jackson, world famous singer and one of the worlds most bizarre individuals, was given a reprieve when Colony Capital purchased his 23.5 million dollar mortgage that was in foreclosure. The company says it is re negotiating the lease while they also search for buyers. The Neverland Ranch is famous for it’s collection of roller coasters, amusement rides, and zoo that Michael Jackson had to entertain his guests.
Reportedly there are celebrities looking to buy the home such as soccer star David Beckham.
Michael Jackson avoided foreclosure on his spectacular Neverland Ranch Sunday when a new bank took over the mortgage on the property.
The 2,700-acre spread, complete with amusement park and menagerie, had been expected to be auctioned off this week after Jacko defaulted on payments.
But Colony Capital, a real estate investment firm, bought the $23.5 million mortgage and said it was negotiating a new payment plan. via NY Daily News.
Luke Mullins at US News has more on the Neverland Ranch mortgage sale.
It probably is a really good time to buy real estate - monthly payments are about equal to market rents ...
The part about the inventory is right on but in my area they are mostly low end and beat up ...
I worked for this man, he is a great con man and has done this in more than States then ...
You're right. If you come from Central Jersey (as the Boss and I do), you go to Florida at some ...
Maybe it was kryptonite...
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By Mike ...
I couldn't agree more.
The newspaper has always "stuck" it to the real estate agent with rates that were much higher ...
By the way, homeowners trying to get short sale approval should be aware that lenders are comparing the initial loan ...
Ouch! Thankfully I haven't come across anything like that yet. We normally don't have situations like that in ...
well, the guy was here illegally.
serves him right. 
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