Apparently Michael Jackson just missed losing his Neverland Ranch to foreclosure. E! News reported in mid-May that real estate investment firm Colony Capital bought the mortgage in an effort to save the Santa Barbara, Calif., property.
It cost Colony $23.5 million. After buying the loan, the firm immediately set up talks with the singer to figure out a payment plan. Colony’s action prevented Neverland from being auctioned off after Jackson fell behind in making payments.
Maybe it’s time Jackson grows up…
June 6, 2008