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Michael Jackson saves Neverland
Mar 14, 2008, 11:35 GMT
An aerial view of the Neverland Ranch of US pop singer Michael Jackson in Santa Ynez, 20 November 2003. Former popstar Michael Jackson could lose his California Neverland Ranch next month if he does not settle a 25-million dollar debt by the middle of March 2008, local media reported, 26 February 2008. Neverland Ranch will be put up for sale at a public auction on 19 March 2008 unless the 24.5-million dollar debt on the property is settled, reported the Santa Maria Times. Jackson, 49, had bought the lavish 2,800-acre estate in the hills of Santa Maria in 1987 for 30 million dollars, naming it after the island where children never grow up in Peter Pan stories. EPA/ARMANDO ARORIYO
Michael Jackson has managed to save his Neverland ranch from being auctioned.
The 'Thriller' singer - whose 2,800 acre Californian estate was due to go under the hammer on March 19 unless he could raise a staggering $24.5 million - worked out a deal with Fortress Investment Group LLC to refinance the property.
Jackson's lawyer L. Londell McMillan said: "They've sorted out a confidential agreement. Neverland and Michael Jackson are fine."
Fortress Investments originally loaned Jackson $300 million to pay off his debts and threatened to sell the property through a Santa Barbara real estate broker if it wasn't sold at auction.
Jackson hasn't lived at the Neverland ranch since June 2005, when he moved to Bahrain.
In 2006, authorities ordered the property to be boarded up after it was revealed Michael had not paid his employees or kept up with insurance payments.
The eccentric pop star bought the property in 1987, intending to turn it into a "paradise for children".
After installing a parade of fairground rides and a zoo, which included elephants, snakes, giraffes and llamas, Michael opened up his fairytale home to children.
Jackson was acquitted of sexual molestation in a harrowing court drama in 2005.
(C) BANG Media International
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