Its friday and I've gotten so many request on the Michael Jackson maybe-foreclsoure I thought I'd just load you up with some interesting information. I find it pretty amazing how MJ doesn;t pay back many people that loan him money yet he can always find someone to refinance for him - sounds a tad like our current subprime mess. I suppose owning the Beattles Catolgue is his saving grace - nice to have personnel property out weigh your real property holdings.
Fox reports that Michael Jackson, facing foreclosure on Neverland for $23M secured by Fortress Investments, may have obtained an extension on that foreclosure.
As late as October 2007 Jackson owed 23 plus million on a property that holds a 23 million dollar loan. Who are Jackson's money managers? He's own the ranch for 20 years and he is still upside down?
Foreclosure Detail Report
Site: 5225 FIGUEROA MOUNTAIN RD LOS OLIVOS CA 93441 Page-Grid: Parcel: 133-120-040 Owner: JACKSON, MICHAEL J 4770 DEXTER ST NW WASHINGTON DC 20007 Subject Info: County: SANTA BARBARA 64 (Highlight comment Randall Marquis11/6/2007 5:43:23 PMblank)Trustee/Contact: DBCG LLC 415-263-4300 209 KEARNY ST, FL 2 SAN FRANCISCO CA 94108 Beneficiary: DBCG LLC Phone: ALLIANCE DEFAULT SERVICES C/O Attn: Default Information: Doc #: 2007-0074509 Rec Date: 10/22/2007 Delq $: $23,212,963 As Of: 10/12/2007 Loan Doc #: Loan $:23,000,000 2006-0029252
Jackson's former advisers refinanced the loan in 2006, spokeswoman Raymone K. Bain said in a statement Thursday. The loan matured last month, and now he's refinancing again.
"Mr. Jackson is in the final stages of refinance and will not lose Neverland Valley Ranch," Bain said.
A notice from a San Francisco title default company suggested that Jackson's ownership of the ranch could be at risk.
The notice from the title default company urges Jackson to pay up, saying “If your property is in foreclosure because you are behind in your payments, it may be sold without any court action.”
Darien Dash, who owns Prescient, said Dash was owed the money for helping Jackson refinance a $272 million bank loan and secure $573 million in financing to buy Sony Corp.'s half of the Beatles' song catalog that Sony co-owned with the pop superstar.
In his suit against the 48-year-old pop singer, Prescient owner Darien Dash -- cousin to former CEO of Roc-A-Fella Records (Hip Hop Rap) Damon Dash and brother to actress Stacey Dash -- claimed Jackson cheated the company out of $48 million. His lawyer, Steven Altman said Dash was owed the money after helping Jackson refinance a $272 million bank loan and secure $573 million in financing to buy Sony's half of the Beatles' song catalog that Sony co-owned with Jackson. "We're very pleased with the settlement, although the terms of it we've agreed to keep confidential at Mr. Jackson's request. Jackson settled the case despite claims that he'd never heard of Dash. "The most important thing is that Michael Jackson's publishing catalog remains safe and sound," Jackson's lawyer, L. Londell McMillan said. He added, the settlement "presents a win-win for everybody."
