rojo
(Ret)
Hi matsoljare,
Here's an article from when this news broke, Nov. 12 2008:
Jacksons Neverland Ranch sold for $35 million
By Sam Womack/Staff Writer
Michael Jackson has sold Neverland Ranch to a Delaware-based corporation for approximately $35 million, although the King of Pop retains an interest in the property.
The infamous property north of Los Olivos in Santa Barbara County was transferred from Jackson to Sycamore Valley Ranch Company LLC, which formed in mid-July, according to documents from the county assessors office.
Sycamore is a joint venture between Jackson and an affiliate of Colony Capital Inc., a Los Angeles-based company that purchased the entertainers $24.5 million mortgage on the property in May, according to a source close to the deal.
The pop stars private amusement park and home at 5225 Figueroa Mountain Road opened in 1988 and consisted of 2,800 acres. Prior to that, it was a working cattle ranch owned by Bill Bone, a developer who has his own connections to Colony Capital.
A notice of default from a San Francisco title company was served in November 2007 suggesting that Jacksons ownership of the ranch could be at risk. And a foreclosure auction in May was canceled after Colony Capital LLC purchased the multi-million loan.
..............................................................
So he has sold it to a company that he partly owns. Maybe he plans to have the land developed, who knows.
One can read the whole article here:
http://www.santamariatimes.com/artic...breaking15.txt
Here's an article from when this news broke, Nov. 12 2008:
Jacksons Neverland Ranch sold for $35 million
By Sam Womack/Staff Writer
Michael Jackson has sold Neverland Ranch to a Delaware-based corporation for approximately $35 million, although the King of Pop retains an interest in the property.
The infamous property north of Los Olivos in Santa Barbara County was transferred from Jackson to Sycamore Valley Ranch Company LLC, which formed in mid-July, according to documents from the county assessors office.
Sycamore is a joint venture between Jackson and an affiliate of Colony Capital Inc., a Los Angeles-based company that purchased the entertainers $24.5 million mortgage on the property in May, according to a source close to the deal.
The pop stars private amusement park and home at 5225 Figueroa Mountain Road opened in 1988 and consisted of 2,800 acres. Prior to that, it was a working cattle ranch owned by Bill Bone, a developer who has his own connections to Colony Capital.
A notice of default from a San Francisco title company was served in November 2007 suggesting that Jacksons ownership of the ranch could be at risk. And a foreclosure auction in May was canceled after Colony Capital LLC purchased the multi-million loan.
..............................................................
So he has sold it to a company that he partly owns. Maybe he plans to have the land developed, who knows.
One can read the whole article here:
http://www.santamariatimes.com/artic...breaking15.txt