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Related: Culture Forums, Support ForumsMichael Jackson's Neverland Ranch to Be Sold
Michael Jackson's Neverland Ranch to Be Sold
"We are frustrated, bitterly disappointed and saddened that it has come to this," said a rep for Jackson's estate
http://www.rollingstone.com/music/news/michael-jacksons-neverland-ranch-to-be-sold-20140801
By Kory Grow
August 1, 2014 9:50 AM ET
Michael Jackson's opulent, 2,700-acre estate Neverland Ranch will be hitting the market in the near future. Forbes reports that the Los Olivos, California property is being sold by the real estate investment firm Colony Capital, which owns equity in Neverland after an agreement with Jackson that took effect in 2008. "We are frustrated, bitterly disappointed and saddened that it has come to this," a rep for Jackson's estate told Forbes. "Sadly, Michael lost control of Neverland during his life as a result of advice from a former manager."
The Jackson estate said it considered many options with regard to Neverland, including buying it back, but the executors determined that the big picture costs such as the millions required for upkeep on the estate ultimately made the proposal untenable. The executors said it is their duty "to be fiscally responsible in protecting and growing the assets of the Estate for Michaels children." (Incidentally, Forbes says the estate has brought in more than $750 million since Jackson's death in 2009, before taxes and expenses.)
The deal Jackson struck with Colony Capital said that the firm would manage Neverland as a joint venture with the pop star. With any money Colony put into Neverland, the firm's share of equity increased while Jackson's decreased. Forbes suggests that Colony has put more than $50 million into Neverland.
Jackson bought Neverland in 1988 from golf course entrepreneur William Bone, according to USA Today. As of 2003, the estate contained 22 buildings, including guesthouses, ranch-hand apartments, stables, a movie theater and theme park. At the time, its value was estimated at $30 million.
"We are frustrated, bitterly disappointed and saddened that it has come to this," said a rep for Jackson's estate
http://www.rollingstone.com/music/news/michael-jacksons-neverland-ranch-to-be-sold-20140801
By Kory Grow
August 1, 2014 9:50 AM ET
Michael Jackson's opulent, 2,700-acre estate Neverland Ranch will be hitting the market in the near future. Forbes reports that the Los Olivos, California property is being sold by the real estate investment firm Colony Capital, which owns equity in Neverland after an agreement with Jackson that took effect in 2008. "We are frustrated, bitterly disappointed and saddened that it has come to this," a rep for Jackson's estate told Forbes. "Sadly, Michael lost control of Neverland during his life as a result of advice from a former manager."
The Jackson estate said it considered many options with regard to Neverland, including buying it back, but the executors determined that the big picture costs such as the millions required for upkeep on the estate ultimately made the proposal untenable. The executors said it is their duty "to be fiscally responsible in protecting and growing the assets of the Estate for Michaels children." (Incidentally, Forbes says the estate has brought in more than $750 million since Jackson's death in 2009, before taxes and expenses.)
The deal Jackson struck with Colony Capital said that the firm would manage Neverland as a joint venture with the pop star. With any money Colony put into Neverland, the firm's share of equity increased while Jackson's decreased. Forbes suggests that Colony has put more than $50 million into Neverland.
Jackson bought Neverland in 1988 from golf course entrepreneur William Bone, according to USA Today. As of 2003, the estate contained 22 buildings, including guesthouses, ranch-hand apartments, stables, a movie theater and theme park. At the time, its value was estimated at $30 million.
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Michael Jackson's Neverland Ranch to Be Sold (Original Post)
Miles Archer
Aug 2014
OP
Good News. Keep fans of that freak child molester from creating another Graceland.
CBGLuthier
Aug 2014
#1
Turn it into an amusement park for special needs children or something
Catherine Vincent
Aug 2014
#3
CBGLuthier
(12,723 posts)1. Good News. Keep fans of that freak child molester from creating another Graceland.
One of the most sickening examples of America's cult of personality celebrity culture is the way that man was allowed to get away with molesting children.
hunter
(38,317 posts)2. The amusement park rides have been sold off.
Fairs in California advertise them as once belonging to Michael Jackson.
The place is huge.
http://en.wikipedia.org/wiki/Neverland_Ranch
34°44?43.516?N 120°5?17.75?W
The wresting of money players aside, what would be the right thing to do with the place?
I've enjoyed visits to Graceland and Hearst Castle.
Catherine Vincent
(34,490 posts)3. Turn it into an amusement park for special needs children or something
It is a beautiful place. I also think his kids should have stake in it.