Colony Capital to sell Neverland

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Offline curls

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Colony Capital to sell Neverland

  • on: July 31, 2014, 03:24:36 AM
http://www.mjjcommunity.com/mj-estate/from-the-estate-colony-capital-to-sell-neverland-ranch


Hi:

You will soon be reading news reports stating that Colony Capital has decided to sell Neverland. As the property manager, they have the right to do this. The Estate has issued the following statement in response to a media request for comment:

We are saddened at the prospect of the sale of Neverland which, under the agreement negotiated during Michael's lifetime, Colony has the right to sell. The Estate will maintain Michael's family home in Encino, including its iconic recording studio there. We continue to build upon Michael's legacy as an artistic genius and humanitarian through his music and new projects such as the Michael Jackson ONE show in Las Vegas. We hope and trust that any new owners of Neverland will respect the historical importance and special nature of this wonderful property. Michael's memory lives on in the hearts of his fans worldwide.

It is also important to the Estate that Michael's fans understand that although the Estate has no right to stop or obstruct the sale, The Estate did explore a number of potential options for Neverland with Colony but zoning, financial and land use restrictions limited the alternatives and ultimately Colony made the decision to sell.


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Offline RK

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Re: Colony Capital to sell Neverland

  • on: July 31, 2014, 04:19:10 AM
I'm saddened to hear this.
Neverland looks so beautiful in the pics from the link I'm posting.
http://www.mjjcommunity.com/news/inside-michael-jacksons-neverland-valley-ranch?utm_source=dlvr.it&utm_medium=facebook

Offline RK

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Re: Colony Capital to sell Neverland

  • on: July 31, 2014, 08:22:34 AM
The Estate must be in agreement to sell as they still own a large percentage of Neverland.

Editting post to add this.

Michael Jackson's Neverland Is About To Be Sold

Michael Jackson helped create a fundamental shift in the monetization of fame, and that’s the notion at the core of Michael Jackson, Inc, the first business-focused biography of the King of Pop. He earned an estimated $1.1 billion during his adult solo career—nearly $2 billion when adjusting for inflation. Read on for the year-by-year breakdown, excerpted from the book.
Though Michael Jackson moved out of Neverland years before his untimely passing, the 2,700-acre property remains indelibly associated with the King of Pop to this day. Soon, however, the connection will be only in thought, not deed: Neverland is set to be sold.

According to sources familiar with the matter, billionaire Tom Barrack’s Colony Capital is preparing to put the Los Olivos, Calif. property on the market. The firm became Neverland’s managing partner after Barrack struck a deal with Jackson in late 2007 to take over the $23 million note held by private equity fund Fortress.

“We are frustrated, bitterly disappointed and saddened that it has come to this,” said a representative for Jackson’s estate in an electronic message to FORBES. “Sadly, Michael lost control of Neverland during his life as a result of advice from a former manager.”

Representatives for Colony Capital could not immediately be reached for comment.

As I reported in Michael Jackson, Inc: The Rise, Fall and Rebirth of a Billion-Dollar Empire , the agreement between Jackson and Colony was a complex one. Barrack himself said he only took on the note as a favor to Jackson (in an interview for the book, he recalled his words to the singer: “Don’t have me do this … unless you’re really interested in building a program going forward to create some revenue for yourself.”)

The agreement, which took effect in early 2008, called for Colony to manage Neverland as a sort of joint venture with Jackson. For every dollar the company invested in the property, its equity would increase. This meant that while Jackson—and, later, his estate—retained a stake in the property, it decreased on paper as time went on.


Over the past six years, Colony has continued to fund the upkeep of Neverland. That cost, if it’s anything like it was in Jackson’s day, is likely in the neighborhood of $5 million per year. Add in the $23 million note, and back-of-the-envelope math suggests the firm may have invested more than $50 million in the property to date. It also retains the right to sell the property at will.

Still, many options were explored over the years. Toward the end of his life, Jackson himself is said to have been intrigued by the idea of turning Neverland into a school for the performing arts; after his death, many have suggested that the property be turned into an attraction like Elvis Presley’s Graceland.

But as anyone who’s been to Neverland (this writer included) can tell you, Los Olivos isn’t exactly Memphis. The area is nowhere near an interstate, and its narrow mountain roads aren’t conducive to accommodating hundreds of thousands of visitors a year.

“The Estate explored numerous options, including a purchase,” continued the aforementioned representative’s statement. “But financial, land use and zoning restrictions have made all of the proposed options prohibitive given our duty as Executors to be fiscally responsible in protecting and growing the assets of the Estate for Michael’s children.”

Indeed, Jackson’s estate has pulled in more than three quarters of a billion dollars in a little over five years since his death. But that’s before taxes and expenses, not to mention the specter of a $702 million IRS bill that the estate is currently appealing.

Buying back Colony’s share of Neverland—not to mention footing a multimillion-dollar annual upkeep bill for a property that does not generate income—would seem to be an imprudent financial choice.


And so, Neverland may soon have a new owner on paper. But any buyer will have to understand the property will always be the King of Pop’s realm in the minds of millions.


« Last Edit: July 31, 2014, 08:38:16 AM by RK »

Offline reveron1958

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Re: Colony Capital to sell Neverland

  • on: July 31, 2014, 08:45:13 AM
I feel really sad about this. Another reason to think that he is no longer with us.  :icon_e_sad:

Offline curls

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Re: Colony Capital to sell Neverland

  • on: July 31, 2014, 11:21:40 AM
Quote
The agreement, which took effect in early 2008, called for Colony to manage Neverland as a sort of joint venture with Jackson. For every dollar the company invested in the property, its equity would increase. This meant that while Jackson—and, later, his estat—retained a stake in the property, it decreased on paper as time went on.

If Neverland was so tainted in MJ's eyes after 2005, I wonder why he didn't sell up then, or even in 2008, instead of entering this business arrangement that would clearly see his stake in it systematically whittled away with each passing year. What happened to the savvy businessman?

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Re: Colony Capital to sell Neverland

  • on: July 31, 2014, 11:29:41 AM
He might be buying it back himself.

Offline RK

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Re: Colony Capital to sell Neverland

  • on: July 31, 2014, 11:30:45 AM
From this line, seems the Estate is placing the blame on Thome.
Quote
“Sadly, Michael lost control of Neverland during his life as a result of advice from a former manager.”


Offline curls

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Re: Colony Capital to sell Neverland

  • on: July 31, 2014, 01:18:10 PM
He might be buying it back himself.

That was my first thought too!  After all, he's been living there these past 5 years ... hasn't he?!

(Amazing pics by the way RK in that link you posted.)

Offline curls

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Re: Colony Capital to sell Neverland

  • on: July 31, 2014, 01:35:14 PM
From this line, seems the Estate is placing the blame on Thome.
Quote
“Sadly, Michael lost control of Neverland during his life as a result of advice from a former manager.”


See, this is what I meant by my 'savvy businessman' comment.  Maybe I'm naive, or not seeing something, but if I (without the 'benefit' of advisors) can see how this arrangement was going to play out, I find it hard to believe MJ couldn't. And I have yet to be convinced of the elusive Thome's true colours.

Is it beyond the realms of possibility, that this 2008 deal and it's outcome, now playing out, with emotional reactions and sadness throughout his fan community, was entered into with full understanding by MJ?  Sorry if that's too hoaxy for these days.

Most likely I am not in possession of the full facts!

Offline blankie

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Re: Colony Capital to sell Neverland

  • on: July 31, 2014, 03:59:14 PM
He might be buying it back himself.


Totally agree Souza.

I think Michael wants to be again the only  owner of Neverland  :moonwalk_:



http://www.forbes.com/sites/zackomalleygreenburg/2014/07/31/michael-jacksons-neverland-is-about-to-be-sold/





[youtube]ZZBt6IYzQlo[/youtube]
« Last Edit: July 31, 2014, 04:39:52 PM by blankie »
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Offline ShyBleuEyes

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Re: Colony Capital to sell Neverland

  • on: July 31, 2014, 04:59:28 PM
my thought were that Mj is living in the encino house. because the reports said MJ did not want to return to Neverland anymore. Although it could be a distraction, also..
Neverland is really a paradise on earth,  And a great hideout!
“In a world filled with hate, we must still dare to hope. In a world filled with anger, we must still dare to comfort. In a world filled with despair, we must still dare to dream. And in a world filled with distrust, we must still dare to believe.”
― Michael Jackson

Offline a18wheelslady

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Re: Colony Capital to sell Neverland

  • on: July 31, 2014, 08:01:03 PM
A long time ago i said the best way to get people to stay away from there was to say he would never ever go back. that left it open for him to return with no worries. to this day i think it was all in his plan. I agree with SOUZA.

 :) :) :) :) :) :) :)

Offline RK

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Re: Colony Capital to sell Neverland

  • on: July 31, 2014, 09:11:29 PM
Barrak has said the property could be worth 100 million. He would be reimbursed the first 50.
http://www.forbes.com/sites/zackomalleygreenburg/2014/07/31/how-much-will-michael-jacksons-neverland-fetch-on-the-open-market-2/

Offline ShyBleuEyes

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Re: Colony Capital to sell Neverland

  • on: August 01, 2014, 05:15:09 AM
link from Twitter account Troot research:

to me, this came to my mind #ParisInterview---> pic.twitter.com/KsNNYH8hZb
Permalink voor ingesloten afbeelding
[img]http://to me, this came to my mind #ParisInterview---> pic.twitter.com/KsNNYH8hZb

https://twitter.com/TrootResearch77
 
Again i tried to add the actual text, but failed again, maybe someone can. :)
« Last Edit: August 01, 2014, 05:19:53 AM by ShyBleuEyes »
“In a world filled with hate, we must still dare to hope. In a world filled with anger, we must still dare to comfort. In a world filled with despair, we must still dare to dream. And in a world filled with distrust, we must still dare to believe.”
― Michael Jackson

Offline ShyBleuEyes

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Re: Colony Capital to sell Neverland

  • on: August 01, 2014, 06:04:09 AM
[youtube]http://www.youtube.com/watch?v=-G_PIGzJucw&feature=youtu.be&list=PL976855DB39198BC7[/youtube]
“In a world filled with hate, we must still dare to hope. In a world filled with anger, we must still dare to comfort. In a world filled with despair, we must still dare to dream. And in a world filled with distrust, we must still dare to believe.”
― Michael Jackson

Offline marumjj

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Re: Colony Capital to sell Neverland

  • on: August 02, 2014, 08:21:02 AM
Neverland is a great mystery to me. If MJ did not want to return there, that, after his "death" still maintain a property that does not generate income? We all saw pictures of the property in perfect condition, including lake and fountains running. To who?
I trust that MJ is in control, and if not, to my Neverland will always be his home.
Thanks RK, the images are beautiful.

Offline whatyourheartsays

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Re: Colony Capital to sell Neverland

  • on: August 03, 2014, 07:04:57 PM
I never heard that MJ lost control about neverland... he made deals to keep it HIS...

Of course Colony Capital sells it. BUT i always thought that Colony Capital only owned A PART of Neverland, as a mortgage/loan/smth to difficult for me to explain in english (and even in french in fact lol)
so YES Colony Capital sells, they sell their part, but to WHO ? And does the rest of the "owner" sell it too ?

If i was to say something about this stuff :

MJ is now more wealthy than ever, he doesn't need Colony Capital to keep Neverland up. So he get them to sell their part back to him. Maybe not him... but you'll see that it will be sold to some company that has something to do with MJ.

Now this idea about MJ saying he'd never go back there to prevent people from coming to Neverland is an interesting idea.  I always felt that no matter what, MJ would never part from Neverland, even if not staying in it. There must be something about it. Maybe he actually doesn't wish to live there, but he might plan to turn it into something for charity ? Neverland used to be ran as a place for kids, even when he was not around...

last : why would the estate (after the kids asked for it) invest money on rebuilding, renewing Neverland, several years sooner, if they now plan to sell... setting flowers in 2010 doesn't help to sell in 2014... + invest this money on something they do not own ???
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Offline applehead250609

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Re: Colony Capital to sell Neverland

  • on: August 04, 2014, 08:15:01 AM
http://www.mjjcommunity.com/mj-estate/from-the-estate-colony-capital-to-sell-neverland-ranch


Hi:

You will soon be reading news reports stating that Colony Capital has decided to sell Neverland. As the property manager, they have the right to do this. The Estate has issued the following statement in response to a media request for comment:

We are saddened at the prospect of the sale of Neverland which, under the agreement negotiated during Michael's lifetime, Colony has the right to sell. The Estate will maintain Michael's family home in Encino, including its iconic recording studio there. We continue to build upon Michael's legacy as an artistic genius and humanitarian through his music and new projects such as the Michael Jackson ONE show in Las Vegas. We hope and trust that any new owners of Neverland will respect the historical importance and special nature of this wonderful property. Michael's memory lives on in the hearts of his fans worldwide.

It is also important to the Estate that Michael's fans understand that although the Estate has no right to stop or obstruct the sale, The Estate did explore a number of potential options for Neverland with Colony but zoning, financial and land use restrictions limited the alternatives and ultimately Colony made the decision to sell.


MJOnline
The Official Online Team of The Michael Jackson Estate™

[youtube]http://www.youtube.com/watch?v=w4WVEBM4nrU&index=3&list=UUxl2DRyoAJdd0kFz2z_E5dQ[/youtube]

It is not a surprise for me lol,cause for me, NeverLAND was/is , like a........ "Land that never was"  :LolLolLolLol: !!!!

Offline bec

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Re: Colony Capital to sell Neverland

  • on: August 04, 2014, 04:56:39 PM
If MJ still owns part of the property, and it is less then 50%, then he will receive his ownership percentage of the proceeds when it sells. If he doesn't want it sold and owns less then 50% then he could take the matter to court and fight the sale but he probably would not win. It would be smarter n cheaper to just buy it back himself, and considering he's made a bazillion dollars in the past 5 years, it's chump change. If he owns a collective on the property then he has to sign at closing in order for the sale to commence. And by "he" I mean "The Estate".

Total speculation as to where this might lead, but, if the Estate ends up fighting this in any way through the courts, it's 100% a publicity only move and then we get to ask why.

I really have a hard time believing the Estate will just walk away from Neverland.
Are you entertained?

Offline MFFreedom

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Re: Colony Capital to sell Neverland

  • on: August 05, 2014, 10:47:08 AM
Hi everybody, haven't posted in a while but read your inputs regularly :-)

My 2 cents: I don't believe, the Estate ever had as much control over Neverland as they make believe. Their press statement to me is a total farce. Replace the Estates' checking zoning, building codes, etc. with Checking possibilities to get the other 50% (or so) then it adds up more to me. Add to it, that they mention checking possibilibies five years later ... a bit strange for two savy business guys they did not check into that with Tom Barack earlier ... Talking about checking building codes et al with Colony Capital is a nice try to make the mass believe they have control but hey ... bad luck. I for one believe, they are pissed, Colony Capital sells Neverland. Oops out the window the possibility to rip Neverland off. Uhm, they lose control. And IF Neverland is bought back by MJ, wow! Even a bigger fist in their face ...

Just my 2 innocent intuitive cents here.
"... and the truth shall set you free" David Icke

Offline curls

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Re: Colony Capital to sell Neverland

  • on: August 05, 2014, 11:23:40 AM
Rather off topic but I don't think it deserves it's own thread:

http://money.aol.co.uk/2014/08/05/las-vegas-home-for-sale-the-last-resident-was-michael-jackson/?icid=maing-grid7|uk|dl5|sec1_lnk2%26pLid%3D283523

Offline blankie

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Re: Colony Capital to sell Neverland

  • on: August 05, 2014, 03:40:13 PM
@bec

I totally agree with you, behind all this there is Michael and he knows exactly what to do.


http://www.rollingstone.com/music/news/michael-jacksons-neverland-ranch-to-be-sold-20140801


.....The Jackson estate said it considered many options with regard to Neverland, including buying it back.....

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Offline whatyourheartsays

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Re: Colony Capital to sell Neverland

  • on: August 06, 2014, 12:59:48 PM
i've been reading the article about Las Vegas home to be for sale, and a very interesting question came to my mind...

Who ever needed 3 kitchens ?

*already out...running*
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Offline applehead250609

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Re: Colony Capital to sell Neverland

  • on: August 07, 2014, 02:04:11 AM
i've been reading the article about Las Vegas home to be for sale, and a very interesting question came to my mind...

Who ever needed 3 kitchens ?

*already out...running*

Exactly  :icon_lol: :icon_lol: !!!! Like I said......the Land that never was  :icon_geek: ....

Offline Its her

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Re: Colony Capital to sell Neverland

  • on: August 07, 2014, 03:55:25 PM
http://www.mjjcommunity.com/mj-estate/from-the-estate-colony-capital-to-sell-neverland-ranch


Hi:

You will soon be reading news reports stating that Colony Capital has decided to sell Neverland. As the property manager, they have the right to do this. The Estate has issued the following statement in response to a media request for comment:

We are saddened at the prospect of the sale of Neverland which, under the agreement negotiated during Michael's lifetime, Colony has the right to sell. The Estate will maintain Michael's family home in Encino, including its iconic recording studio there. We continue to build upon Michael's legacy as an artistic genius and humanitarian through his music and new projects such as the Michael Jackson ONE show in Las Vegas. We hope and trust that any new owners of Neverland will respect the historical importance and special nature of this wonderful property. Michael's memory lives on in the hearts of his fans worldwide.

It is also important to the Estate that Michael's fans understand that although the Estate has no right to stop or obstruct the sale, The Estate did explore a number of potential options for Neverland with Colony but zoning, financial and land use restrictions limited the alternatives and ultimately Colony made the decision to sell.


MJOnline
The Official Online Team of The Michael Jackson Estate™

[youtube]http://www.youtube.com/watch?v=w4WVEBM4nrU&index=3&list=UUxl2DRyoAJdd0kFz2z_E5dQ[/youtube]

It is not a surprise for me lol,cause for me, NeverLAND was/is , like a........ "Land that never was"  :LolLolLolLol: !!!!
I hope this is not off topic in some way. I don't get how that works, much :icon_redface:. Move this to a proper place if you like. :icon_e_smile:

@2B: I have felt for some time that MJ neverlived at Neverland, and for the last few years, it appears that he is eerily, methodically erasing  THE "Michael Jackson" as we thought we "knew" him, from the face of the map!! Especially, since 2011, there has been a very definite, "now you see him now you don't" kind of vibe all about him.

Did you ever go try to find  :icon_albino: traces of something remaining after the circus left town, to find some thing real left behind, even just the holes where the stakes for the tents were pounded in, or impressions in the dirt that a Ferris wheel had been right here :icon_bounce: :icon_razz: or, even just where you had dropped your popcorn yesterday there, right... there? :icon_e_confused: :confused:---but there is NO trace, no hint of evidence that all the fun the days before REALLY happened! and...not even that you were there, either. Like a dream or illusion...Like Michael Jackson.  It is NOT like 'Elvis (& now MJ)has left the building', it is more like, as when the circus leaves town, "HEY! You cannot even TELL where it was!" Have you ever felt like that?  It is freaking me out that this is another one of those things. And I think YOU (To Be or not To Be)

know " :LolLolLolLol: "

it is,  :icon_e_surprised: even though you qualified what you said by saying "(as) for me..." and laffing as if it is not a bold faced, stealthfully placed, nugget of Truth, when you have been there and actually know.

It is sad, in a sentimental way, to feel like we are losing more of him because "his" home is on the (sale) block, but I think this is just another illusion about Michael Jackson: that he ever actually lived there. If you look at all the pictures, even those picturing him there, none of them are evidence that HE lives THERE. Everything can be staged, very purposefully, and this secluded, secured, remote property would be a piece of cake to blow all kinds of smoke up our...way. He's a master illusionist. He eats, sleeps and breathes smoke and mirrors! I think he one day realized that people were never going to leave him alone, always wanting more of him, and to know ALL about him and his private life. So....he gave the media, stalkers, lovers and haters ALL an eyeful of his "private" digs; a ginormous, sleight of hand whopper of a pacifier! And everyone ate it up, because "it was SO him, larger than life...".

I'm not trying to spark contention, or stomp the lovely memories :-*, only plant a little seed of, "WHAT IF?" As BeLIEvers, now,we want the truth, right? We don't want to believe a lie all our lives...right? I am offering the idea that this may be part of his Big Top illusion  :icon_e_surprised: and to not let it so break your hearts that some evil meanie is somehow robbing us of sacred Neverland.  :-\

Just saying that there is something decidedly "NOT my home" about all the pictures and videos we have seen of his home. Spectacular Real Estate is regularly leased out for movies and just to make money for the owner while it sits on the market for extended periods. It is not a big stretch to "see" MJ doing this. :michael_jackson-1135: He da man.

It IS, though, yet another thing for which to spank him. :o  :icon_e_biggrin:

ONLY Believe...