Michael Jackson's Famed Neverland Ranch to Be Sold
Fri, 01 Aug 2014 10:42:06
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Neverland Ranch, Michael Jackson's much-discussed estate, will be sold by a billionaire's private investment firm.
Colony Capital is planning to put Neverland on the market. According to WENN, it owns a primary stake in the estate. In 2007, the group purchased the $23 million loan Jackson owed to Fortress Investment.
An estate rep said, "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 hope and trust that any new owners of Neverland will respect the historical importance and special nature of this wonderful property."
Jackson purchased Neverland in 1998 and lived there through 2004.
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