Posted on 03/13/2008 4:35:36 PM PDT by doug from upland
Michael Jackson 'saves Neverland'
Neverland was due to be auctioned off on 19 March Pop star Michael Jackson has refinanced his Neverland ranch to save it from being auctioned off, his lawyer says.
Mr Jackson had been told that if he failed to pay $25m (£12.5m) he owed on the sprawling California property, it would be auctioned next week.
L Londell McMillan said the singer had now worked out a "confidential" agreement with an investment group which meant he would keep the property.
"Neverland and MJ are fine," Mr McMillan said.
The deal had been struck with the Fortress Investment Group, he added.
The reclusive singer owed more than three months' arrears on the property.
If he failed to make the payments, the auction was due to go ahead on 19 March.
Matt Fiddes, a family friend of Mr Jackson and his brothers, said the problem had been exaggerated by "tabloid gossip".
It's quite normal for anyone who's a success to have a mortgage on their property because they can get better rates for their money
"I know for a fact that he wasn't going to lose it," he told the BBC News website.
"It's not a problem - Michael's keeping Neverland."
He added: "I've spoken to his brother, Tito, about it and it's not like it is in the papers.
"It's quite normal for anyone who's a success to have a mortgage on their property because they can get better rates for their money."
Neverland was closed in 2006 after Mr Jackson failed to pay his staff
The star, best known for songs such as Bad, Thriller and Billie Jean, has not lived at the property since his acquittal on child molestation charges in 2005.
He bought Neverland in 1987 intending to create a fantasy land for children.
It is named after an island in the story Peter Pan, where children never grow up.
After he purchased Neverland, Jackson built a zoo and fairground on the 2,800 acre (1,100 hectare) property north west of Santa Barbara.
It was closed in 2006 after he failed to pay his staff or maintain proper insurance.
How that’s a foreclosure, and the borrower is not exactly prime, either.....would you call him Alt-A?
Probably run down and vandalized by now. Doubt its worth half the amount listed on the paper. Fortress didn’t want to deal with it just now.
Dang it. I had my eye on that there rolly coaster.
Well thank goodness. We wouldn’t want some pervert to buy the place.
It amazes me - who keeps lending this guy money?
He probably didn’t want any DNA evidence revealed.
It was the guy who was on TV all the time losing those loans to Di-Tech. He finally got a deal!
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