Fortress Bails Out Jacko

A few weeks ago we suggested that the two of you with decent bonuses this year go bid on Michael Jackson’s Neverland Ranch. The estate was set to be auctioned off March 19th, unless Jacko came up with the $24.5 million he owed on the property, which nobody thought he would on account of the fact that he’d blown the extra money he got (by refinancing his mortgage) on pop rocks and an ice cream truck. Having one of DealBreaker’s own move into the place that’d been the site of so many happy memories for the lover o’ children would’ve been the silver lining to a very shitty situation. Guess what though? Didn’t come to that! Page Six reports that Mike just worked out a “confidential” refinancing agreement with Fortress Investment Group and will retain ownership of the place. So much brotherly love today. This is what it’s about people, one entity whose intelligence had never before come into question helping another entity, who should’ve been put out of its misery years ago, hold on for just a little while longer. It’s really quite moving. And get this– we hear that Fortress, like JPMorgan re: Bear, doesn’t even stand to benefit, monetarily, from the deal. Apparently the “confidential” terms of the deal simply require that Jackson perform a few sets at the company’s upcoming family BBQ, and not touch anyone’s kids, which just goes to show you, that guy really does love that ranch….
Original Source

  14 Marzo, 2008| Economy | @ 17:47

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