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.
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