By:blog.luxuryproperty.comWell, here we go again, kiddies. Once again Michael Jackson is reporting that his Neverland Ranch has been saved from foreclosure. The loan was bought by Colony Capital, a real estate investment firm.
The $23-24 million loan was previously held by Fortress Investment Group. And we all remember the drama involved in that deal, don’t we? They were ready to foreclose and the property was slated for the auction block on May 14.
But Jackson was in negotiations with Colony. Reuters reports that Colony is “very comfortable” holding the loan and negotiating payment. Really? With whom? Jacko certainly isn’t bringing in the bucks like he used to. So where is he going to get money for this?
We have no idea, darlings. Just no idea. But we do still wonder if someone will restore Neverland to its former glory, or just redevelop it within an inch of its life.
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