Colony Capital chief Thomas Barrack has bailed out Michael Jackson.
Jackson’s California estate, Neverland, was close to foreclosure when Barrack’s real estate company bought the $23.9 million loan on the property. The previous holder of the loan, Fortress Investment Group, had been prepared to auction it off.
Neverland, boasting a roller coaster, ferris wheel, and zoo of exotic animals, garnered all sorts of negative publicity over the years as the site of alleged indiscretions. Jackson bought the ranch 20 years ago, for $28 million, according to the Los Angeles Times.
In 2005, after his acquittal on child molestation charges, Jackson left Neverland behind and moved to the Mideast.
Barrack’s ranch borders Jackson’s estate. However, as Portfolio notes, neighbor is a relative term among the very rich. The two homes are 11 miles apart.
Barrack is a director and owner of Station Casinos, Inc., which owns casinos and hotels in Las Vegas. He formerly handled investments for Texas billionaire Robert M. Bass. Barrack also served as deputy undersecretary of the Interior Department under Ronald Reagan.
He’s a former director of Continental Airlines.
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4 Comments
#1. nelly guerra 06.29.2009
Thank God for one less ugly molester on Earth. Shame on the parerents that accepted the braib from michel the molestor.
#2. DR 06.30.2009
Shut the HELL up…u PIG
#3. CBMUDGE 07.01.2009
Thank god is right… he has deformed himself and he is so insecure he has to play with little kids at the age of 50!! He looked better as a Black Man but then what little kid wants to play with a black man.. they need a CLOWN!!! he may have been talented.. but he ruined his reputation with every child he harmed…
#4. rockinrobin1960 08.24.2009
Your an idiot. Get your facts before you saying that they accepted a briab. He settled a civil case and when it came to the criminal case they couldn’t get anyone to testify against Michael. It was all about money. Why else would Evan Chandler have sought a lawyer 2 months before the police were notified. People can be so stupid. Michael was innocent and if you would read the facts you would know that too.
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