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ALERT ALERT MJ Neverland News [check post #1 for updates]

Yeah it all sounds great but Neverland was his home where will he call home now, he rents most of the property he stays in or they are hotels. At least Neverland was his.
 
troubleman84 said:
IAnyway, when you do a transfer, if you're a businessman, you can still have interest in your former property, this is probably what Michael did here.
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But the article is not speaking about a TRANSFER, they are speaking about a SALE.

Man, MJ did the dang thing with this deal. It couldn't get any sweeter, if you poured a bag of sugar on it. Word!
 
Anyway said:
So that's happened in JULY! and MJ still OWNS interests on the propriety and not only but the ranch is a joint venture between him adn the Colony? A rach MJ earned 35 million dollar from? from a place he hasn't seen in 3 years???
And people here are SAD for him???

Wow...
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Yeah, some people ARE sad. It's not all about the money, and some folks feel that NL is symbolic of a gentler, kinder point in time. . . . especially for some long-term fans. Or, to feel happy that Michael is astute in business, is moving on . . . . but yeah, it's ok for folks to feel sad, if that's what they feel.

peace,

Vic
 
:agree:Oh no. Mike still owns the property. It's like the deal he made with the ATV music catalog. Get it. He simply went into a partnership deal with them so that he can pay off his debts while still owning the property! This way again, Mike gets his cake and can eat it too! :cheeky: Talk about a "Smooth Criminal"!

Ticie,
The JACKSONOLOGIST
 
neverlandprincess said:
Yeah it all sounds great but Neverland was his home where will he call home now, he rents most of the property he stays in or they are hotels. At least Neverland was his.
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Ehmmm... he has a lot of properties if I remeber well, one in Malibu, one in NY, also in Dubai...

I think he bought an house wherever he lives now, don't worry, with 35 million he can buy a castell, or 10 houses for 3,5 million dollar. Not bad.
I think he has been very smart, this transiction happened in July and nobody noticed it, why only now? and also, if he still has an interest on the propriety it means he is using it has a company and not as a place to live anymore. He hasn't been in neverland for years! that's not at home.
 
Big Apple2 said:
But the article is not speaking about a TRANSFER, they are speaking about a SALE.

Man, MJ did the dang thing with this deal. It couldn't get any sweeter, if you poured a bag of sugar on it. Word!
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LOL, yeah you're right. :lol: But yeah he did a GREAT deal out of this.

Mo' money, mo' money, mo' money, mo'! :yes:
 
THE JACKSONOLOGIST said:
:agree:Oh no. Mike still owns the property. It's like the deal he made with the ATV music catalog. Get it. He simply went into a partnership deal with them so that he can pay off his debts while still owning the property! This way again, Mike gets his cake and can eat it too! :cheeky: Talk about a "Smooth Criminal"!

Ticie,
The JACKSONOLOGIST
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Nah, he don't own the property, he owns INTEREST. That's different. ;)

And he DID sell it.
 
THE JACKSONOLOGIST said:
:agree:Oh no. Mike still owns the property. It's like the deal he made with the ATV music catalog. Get it. He simply went into a partnership deal with them so that he can pay off his debts while still owning the property! This way again, Mike gets his cake and can eat it too! :cheeky: Talk about a "Smooth Criminal"!

Ticie,
The JACKSONOLOGIST
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:clapping::clapping::clapping::D..........
 
Victoria83 said:
Yeah, some people ARE sad. It's not all about the money, and some folks feel that NL is symbolic of a gentler, kinder point in time. . . . especially for some long-term fans. Or, to feel happy that Michael is astute in business, is moving on . . . . but yeah, it's ok for folks to feel sad, if that's what they feel.

peace,

Vic
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I understand, but the time of neverland expired in 2003, many years ago. this is just a good thing now.
 
troubleman84 said:
Jackson’s 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 assessor’s office.

Sycamore is a joint venture between Jackson and an affiliate of Colony Capital Inc., a Los Angeles-based company that purchased the entertainer’s $24.5 million mortgage on the property in May, according to a source close to the deal.

The pop star’s 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 Jackson’s 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.

Jackson has struggled to pay his debts in recent years after his financial empire crumbled following his arrest in 2003 on child-molestation charges. A jury later acquitted him and he reportedly hasn’t lived at Neverland for the past two years.

LINK: http://www.santamariatimes.com/articles/2008/11/12/news/breaking/breaking15.txt
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I will most definitely take a drink of juicy juice to that! :cheers: Sooooo it IS a joint venture and he hasn't completely let the property go afterall. Awesomeness. The name change makes total sense all things considered. Turn that baby into a California spa resort. Horseback and sipping wine for honeymoons and whatnot. Woo! :p

Big Apple2 said:
This article has now been UPDATED and states that:

Although MJ sold the property for $35 million, he STILL retains an interest in the property. The updated article also states that MJ is in a joint venture with a branch of Colony.

Now how the heck did he pull that off. LOL! I mean, how do you sell your home, but still manage to have an interest in that property. Unless I'm missing something, that is a MASTERFUL MOVE! And if I ever sell my home, I would like that very same deal. LOL!

(Maybe someone can post the UPDATED article, I don't know how to do that.)
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He's the Thriller! ahahahaha :sorcerer: No wonder he looked MAD EXCITED and happy as a lark when the first set of L.A. pictures came out. Genius! :cloud9:

Thanks to all for the updates :flowers: I'll pour a sip of juicy juice out for the passing of the Neverland Name. dawww! Bye Nevy!
 
troubleman84 said:
Nah, he don't own the property, he owns INTEREST. That's different. ;)

And he DID sell it.
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Yep, and I guess that means, WHATEVER they decide to do with the property, MJ will also benefit from it financially.

I can't help smiling, because this deal is amazing. Especially in these economic times, MJ was able to pull off this rewarding deal.

Donald Trump would be proud! LOL!
 
troubleman84 said:
Nah, he don't own the property, he owns INTEREST. That's different. ;)

And he DID sell it.
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Well with "interest" he's still tied to it. :wink: And altho he sold it it's still a joint venture. Most joint ventures I know means both parties have a say in how things are done/run/etc. What his interest is, who knows but even if it's one percent it's something.
 
No I think it's more like Michael and Colony started a new company together. That new co bought the property for 35 mill, but because Colony took over the 24.5 mill loan from Michael, they got that money and the rest 10 mill is split between Michael and Colony, I guess. The new company has now a property and a 35 mill loan and now they probably renting out the ranch to someone so that the company can pay off the loan. And now Michael is not personally involed but is half owner to a company that owns a ranch and 35 mill loan.
 
Yep!

Some people reading this may be confused because in one hand it sounds like he sold the ranch to himself but in essence he really didn't.
 
wendy2004 said:
Well with "interest" he's still tied to it. :wink: And altho he sold it it's still a joint venture. Most joint ventures I know means both parties have a say in how things are done/run/etc. What his interest is, who knows but even if it's one percent it's something.
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Yeah he probably has 1% interest. But it's clear he sold it though he still is tied to it in some way.
 
Neverland Ranch sold

Last Update: 2:41 pm

Michael Jackson's Neverland Ranch has been sold to an investment firm whose bosses will rename the property in a joint venture with the pop star, according to new reports.

Jackson prevented a foreclosure sale of the California estate when New York-based private equity group Colony Capital agreed to take over his $24.5 million debt on the property in May.

According to Santa Barbara records, the title to Neverland was transferred on Monday to a company called Sycamore Valley Ranch Company LLC.

Sycamore is a joint venture between Jackson and a division of Colony Capital - owner of numerous Las Vegas properties including Red Rock Country Club and the Las Vegas Hilton.

The sale has fuelled reports Jackson has signed on to perform his own headlining show in the city.

According to website TMZ.com, the property will be renamed Sycamore Valley Ranch in effort to revamp its image, tinged by the negative press surrounding Jackson's child molestation trial, which ended in his acquittal in 2005.

Copyright World Entertainment News Network
 
I really would not be surprised if this move was to Have an interest as to make Neverland like a Gracland but a fully working and constantly evolving theme park! kinda like a THRILLER DISNEY!!

Now that would be a total stroke of genius!!

and ya know what i ber Mike does that!!

Terry
 
Michael is just making a business out of his personal property. So if anything happens to the Co then he is not personally involed with his private money.
 
now im just as confused as i was this morning lol

seriously this is my theory which is prob aload of B.S. mj sold it to colony and in return they have set up a joint venture with mj where he is a % owner of the ranch or the company (if thats not the same thing) my betting is with alot of colony's companies they will turn neverland into some sort of hotel/resort and mj will get a % of the earnings that the resort makes. what would be intresting is all the small print like how long this will last,mj can use the ranch when he wants etc etc. if this is the case its actually very clever on mjs part.because its not like he wants to live ther eas we know so still have an intrest in the ranch but use it to make money at the same time.

re the $35 he owes $25 mill so he gets 10 mill in his pocket
 
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Your theory kinda makes sense but the article is saying Michael is a part-owner of a company that NOW owns Sycamore Ranch. Michael doesn't OWN the property verbatim anymore but he still has interest and Colony Capital is the main controlling interest.
 
So he is part of the Colony Capital, so he will earn from a % of the Colony Capital.
Sounds good, but the part he has to performe in Vegas doesn't really...
 
Your theory kinda makes sense but the article is saying Michael is a part-owner of a company that NOW owns Sycamore Ranch. Michael doesn't OWN the property verbatim anymore but he still has interest and Colony Capital is the main controlling interest
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yeah trouble you are right. its kinda hard to explain mj has sold the ranch to a company but mj has become a partner in the company that owns it. but then in another sense if hes part owner of a company that owns neverland that means he part ownes the ranch. i no he doesnt but the way its worded kinda sounds like that. its abit confusing lol

so mj sells the ranch to a company that is gonna turn it into hotel etc. but in order for mj to sell it to them he says i want a % of any moeny the hotel makes. so he becomes a partner of the company that owns the ranch. thats the way im seeing it and hopefully its right cause thats a good move on mjs part. question is how long the deal is for
 
Yeah, in the confusing scheme of things, that could be what it is. But we can confirm that he did sell it though, lol. I mean, that can't be changed. Of course ownership can be sketchy, lol.
 
Big Apple2 said:
This article has now been UPDATED and states that:

Although MJ sold the property for $35 million, he STILL retains an interest in the property. The updated article also states that MJ is in a joint venture with a branch of Colony.

Now how the heck did he pull that off. LOL! I mean, how do you sell your home, but still manage to have an interest in that property. Unless I'm missing something, that is a MASTERFUL MOVE! And if I ever sell my home, I would like that very same deal. LOL!

(Maybe someone can post the UPDATED article, I don't know how to do that.)
Click to expand...
Maybe this has already been explained by now (and maybe better than I am about to try to explain) but it can be done in a number of ways. As long as there is a good lawyer to draw up the contract then you can be as creative as you want to be. He could have sold a share of the home to the person who bought his loan because it is worth more than the 35 million he reportedly got from it. Then the loan would be paid out and the difference would go to MJ. The difference consisting of a share in the property and the 35 mill minus what the loan amount was. He could have a partnership with the other party and together they own the property in whatever shares they negotiated. He could have sold it and held a second mortgage on it to the people who bought it for the amount over and above the 35 million that the property is worth (whatever they agreed on it being worth). This would mean (if it's the same there as here..actually I think it would just depend on what's in the contract) that if the other people default on the loan, Michael can foreclose and get his property back according to whatever was drawn up in the contract. Maybe he negotiated financing to recording his new album :D and that is a part of this deal? Maybe he negotiated some concerts something or other.. really who knows. We could guess this to death. It sounds like he didn't do too bad though. Remember what people say, he is a savy business man. Maybe he just saw it as a way to free up some cash to do the things he now feels are important. Maybe his priorities have changed. Don't forget that when you sell in a certain market, you usually can buy in that same market. If he was able to make a good deal, then the money he gets from the sale (or partial sale or whatever) can go further on the next deal, especially if prices are still dropping, especially if this deal was made months ago.

I forgot to mention, maybe the plans for Never..er erhm... Sicamore ranch, have changed. Maybe this joint venture has something to do with the plans "making Neverland more accessible to the fans" which I seem to remember him saying on his 45th birthday if my memory is correct.
 
Thank you Applehead777 for sticking your neck out and informing the fans of this. I really appreciate it and I hope many fans feel the same.

:flowers:
 
I forgot to mention, maybe the plans for Never..er erhm... Sicamore ranch, have changed. Maybe this joint venture has something to do with the plans "making Neverland more accessible to the fans" which I seem to remember him saying on his 45th birthday if my memory is correct
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i doubt we would be in this situation now if 03 hadnt happened.making it available to the fans was more like created by backerman
 
Ape said:
Maybe this has already been explained by now (and maybe better than I am about to try to explain) but it can be done in a number of ways. As long as there is a good lawyer to draw up the contract then you can be as creative as you want to be. He could have sold a share of the home to the person who bought his loan because it is worth more than the 35 million he reportedly got from it. Then the loan would be paid out and the difference would go to MJ. The difference consisting of a share in the property and the 35 mill minus what the loan amount was. He could have a partnership with the other party and together they own the property in whatever shares they negotiated. He could have sold it and held a second mortgage on it to the people who bought it for the amount over and above the 35 million that the property is worth (whatever they agreed on it being worth). This would mean (if it's the same there as here..actually I think it would just depend on what's in the contract) that if the other people default on the loan, Michael can foreclose and get his property back according to whatever was drawn up in the contract. Maybe he negotiated financing to recording his new album :D and that is a part of this deal? Maybe he negotiated some concerts something or other.. really who knows. We could guess this to death. It sounds like he didn't do too bad though. Remember what people say, he is a savy business man. Maybe he just saw it as a way to free up some cash to do the things he now feels are important. Maybe his priorities have changed. Don't forget that when you sell in a certain market, you usually can buy in that same market. If he was able to make a good deal, then the money he gets from the sale (or partial sale or whatever) can go further on the next deal, especially if prices are still dropping, especially if this deal was made months ago.

I forgot to mention, maybe the plans for Never..er erhm... Sicamore ranch, have changed. Maybe this joint venture has something to do with the plans "making Neverland more accessible to the fans" which I seem to remember him saying on his 45th birthday if my memory is correct.
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Thank you so much for give us more hope!:hug:
 
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