The Most Famous Foreclosure Ever: Michael Jackson’s Neverland Ranch, One Year Later
It has been a year now since the death of the King of Pop, Michael Jackson. With all the endless hoopla that continues on with how he died, everyone knows of the financial troubles that most likely led to his death. One financial trouble was what we refer to as “The Most Famous Foreclosure Ever.”
Neverland Ranch was the sickest house EVER! This foreclosed home was the mother load for any investor that had the money. With an amusement park, giant statues, and a zoo, this property was fit for the king. Jackson bought it back in 1988 from a golf course entrepreneur named, William Bone, for something close to $30 million.
After the foreclosure proceedings, Jackson transferred title of the property to Sycamore Valley Company LLC. The move made the property a joint venture between Michael Jackson and an investment company called Colony Capital LLC. While Jackson sold a portion of the property for around $35 million, his name still owns a stake in the rest of the venture. No word what happens with the stake of ownership Michael Jackson had now goes (probably the kids) but it’s definitely worth a ton of money.
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