The Bald Truth Exclusive: Michael Jackson Woe$; Inside Pop Star’s Fight To Save Neverland!
Michael Jackson Swarmed By French Fans Outside Neverland
By Art Harris, (c) www.artharris.com, all rights reserved
If Michael Jackson doesn’t come up with $24 million to pay off the mortgage on his beloved Neverland Ranch by next month’s deadline, Financial Title Co. says it will put his Hacienda on 2,800 sprawling acres in the Santa Ynez Mountains, zoo, merry go round, ferris wheel and all — up for sale at public auction.
In fact, the firm filed a notice of a trustee’s sale with Santa Barbara Superior Court and set the auction date as March 19.
But The Bald Truth has learned exclusively that Jackson desperately wants to save Neverland, and two months ago refinanced his staggering debt with a new $350 million loan package from a group of international banks.Â
Shockingly, that still may not be enough to save the ranch and pay off other obligations. “Michael is furious at his financial advisers,” says the family insider in an exlusive interview.
The the most recent Refi was used to pay off loans from Citiicorp totallling an estimated $315 million, the insider tells me, and left the pop star cash back of $35 million to tough it out two months ago.
But much of that was owed, or promised, the insider tells me, and there may not be enough to pay off the mortgage. “Michael was told the total package was $370 million,” says the insider. “He wants to know what happened to the other $20 million he was promised. Was it oversight or incompetence?”
Jackson, acquitted of child molestation at a trial I covered in 2005, still owes legal fees to his team of criminal lawyers, as well as others. Historically, he’s slow to pay, and creditors have often taken him to court.
Here’s how the insider tells me Team Michael reached his recent financial meltdown:
Jackson has assets, most noteworthy half interest in famous Beatles catalogue, a share estimated to be worth from $750 million to 1.5 billion. Neverland, in a good real estate market, could bring between $50-100 million. Oprah paid more than $50 million for 42 acres in Montecito, outside Santa Barbara, a pricier location. A Jackson neighbor tells me he just paid over $1 million for a little over an acre and a house in Los Olivos, near Neverland, so you do the comps.
In 2006, the insider confirms New York Times figures that Jackson was paying almost $60 million in interest a year on $270 million in loans when Citicorp refinanced it with a $315 million package at a much sweeter rate of six per cent.
That should have left Jackson with $45 million as operating capital, but recent Thriller sales flopped, and he quickly blew through that cash, only to wind up with the recent December refi totalling an estimated $350 million, purportedly $20 million short of what he’d understood he’d been promised by the banks.
Still, he should have pocketed $35 million in the deal, more than enough to pay off the mortgage, except for one thing.”It was all owed or spent,” said the insider.And without cash flow from albums or concerts, the golden goose was fighting to lay morer golden eggs.
No one close to him understood why he turned down a $30 million gig to perform Thriller concerts for a month in London. “Don’t ask me why. Only Michael knows,” says the exasperated insider.
Meanwhile, Jacko’s scrambling, but the insider doesn’t rule out the pop star coming up with the cash.
He’s got three weeks before it goes up for sale, along with items listed in the notice of trustees sale we’ve obtained below that would also be up for bid:
February 28th, 2008 at 3:24 am
[...] Don’t walk! RUN! » Pursuing Holiness wrote an interesting post today onHere’s a quick excerpt Michael Jackson Greets French Fans At Neverland By Art Harris, (c) http://www.artharris.com, all rights reserved If Michael Jackson doesn’t come up with $24 million to pay off the mortgage on his beloved Neverland Ranch by next month’s deadline, Financial Title Co. says it will put his Hacienda on 2,800 sprawling acres in the Santa Ynez Mountains, zoo, merry go round, ferris wheel and all — up for sale at public a [...]
February 28th, 2008 at 5:00 am
Dear Art,
Forgive me for being so critical…
I was thinking of your dog and thought I’d post this for you and yours.
http://en.wikipedia.org/wiki/His_Master%27s_Voice
February 28th, 2008 at 5:23 am
I wish Michael had of teamed up with those Osmands…years ago.
Seems both of those ‘boys’ had the same kind of voice.
February 28th, 2008 at 5:25 am
I wish we knew more about the ‘orchestra’ and ‘promoters.
So much competition.
If only ‘they’d’ unite.
February 28th, 2008 at 9:21 am
Actually I do hope he can save it.I think if it went on sale either someone would try to make money off of it becaus it was Mr jasksons home,
February 28th, 2008 at 9:23 am
Sorry cut off in the middle.not watching.I was talking museum tours etc or a developer would buy it for development for strip malls etc.Don’t we have enough of those
February 28th, 2008 at 8:15 pm
If I buy his CD would it help him to keep his home?
Pretty bad when millions can’t help you keep your home.
February 28th, 2008 at 8:55 pm
I suspose he could sell his rights to the Beatles songs
February 28th, 2008 at 8:56 pm
Get your head out of your butt Dumbhead!
February 29th, 2008 at 12:19 am
I like his music, lately he has become the ubersuperstar out of touch with reality like others who accept little accountability for their mistakes or their spending habits. He hates himself otherwise he would of gotton help to stop that spending which put him in this place to begin with. He is no different than the countless people in the morgage crisis that have lost their homes, high interest rates doing dumb things,to cost more money.
February 29th, 2008 at 2:45 am
It is unfortunate someone did not intervene long ago and declare Michael incompetent to save him from himself. There was an album cover with his picture on when he looked fantastic. He should have stopped right then and there with those plastic surgeries. I do not remember the psychiatric disorder that leads people to believe they are ugly or deformed, and in my opinion, that might be the cause of his incessant need to disfigure himself, thinking he was making himself look better.
February 29th, 2008 at 4:18 pm
I hope he can somehow save Neverland. I would like to think that he is innocent. My heart tells me he is a good soul. I know he is a great talent. I believe he loves children in a pure and innocent way. I do not think he can trust anyone. I think he is different - most people with great minds and great talents are different. I feel sorry for him. I wish him well.
February 29th, 2008 at 4:18 pm
I cannot began to tell you all, how sad I find this whole mess.michael was one of the greats,you know i bought the record you are not alone,i play it often,and cry,the words are beautiful and michael sings it with such feeling. i never believed he would do harm to a child,never,people made fun of michael when he started turning white,now there is a reporter with the same problem.no one is making fun of him.for michael to have a face he messed up. he had to be very unhappy with himself.i do not know why people love to hurt him.my prayer is he does not try to get back neverland,because he will lose the money again,i do not have a nice opinion anymore of the human race.if people cannot find anything on michael they will make it up.his dream was taken away,and you cannot go back
March 2nd, 2008 at 12:46 am
I would say turn it back into a zoo, and charge admission…but it’s reputation has been so tarnished that parents probably wouldn’t want their kids going there…
Or would they…pay?
Guess his plastic surgeons and accountants and handlers got the best of him.
It must get really boring to perform the same old ’song and dance’ over and over and over again.
Talk about a ‘fish bowl.’
Yet, he’s probably ‘tight’ with ‘The Prince’ and I don’t mean the musical one…I’m thinking about the ‘Banker.’
March 5th, 2008 at 3:35 am
Beverly….. You said, and I agree 100%.
“I do not have a nice opinion any more of the human race”.
“If people can’t find anything on Michael they will make it up”.
“His dream was taken away”.
IMO we live in a very sick society where common decency and a sense of fair play is no longer of any importance. The lives of good people can be destroyed and very few people even care.
March 5th, 2008 at 7:52 pm
@ “No one close to him understood why he turned down a $30 million gig…”
Oh, really? No one understood? Soooo superficial. This man was victim of false allegations, he went through hell. Everyone who was ever accused for something comparatively ridiculous for injustified reasons knows how it feels. Probably no one can imagine how it feels to go through a trial like he did. Plus there were the media.
March 6th, 2008 at 9:54 am
I think Michael Jackson is one sick freak. I’ll never forget the horror I felt when I watched him dangle his baby over the balcony. If that baby would have slipped from under his arm….well you can guess the rest.
Anyone else would have lost custody of their baby, had they done something like that.
There are so many people that want children and can’t have them, then there are so many people that have them and don’t deserve them.
March 7th, 2008 at 6:30 am
I am going to tell you of a person I know,who ran a day care,former nurse,who loves children,a child went home and told her mother, (not her real name)carol touched her in a wrong place,carol was putting on her ski pants,carol was cleared,but,her reputation was gone.NO ONE EVER SAID(AM SORRY)Michael was cleared.even at my age,i do not touch anyone child,for any reason.michael had a lot of money,and there are a lot of people.who could use a million or two.Same as Howard,THANK GOD, the inquest is a year later,every one was ready to hang him.MICHAEL HAS A TALENT,IT IS A SHAME HE IS NOT ALLOWED TO USE IT,HE IS A SHOWMAN,
March 9th, 2008 at 3:59 am
Gloria, LOL.