Friday, March 28, 2008

UPDATE: Michael Jackson

Roger Friedman, who pens the mighty Fox 411 gossip fest, included a wee blurb in his column today that reports that the much publicized May 14 foreclosure auction for Neverland Ranch is full speed ahead.

Now children, we got no reason to disbelieve the typically very well informed Mister Friedman...except for what we hear from Mister Plum, a seemingly well connected informant who whispers something a different in Your Mama's big ear.

According to Mister Plum, The White Lady has miraculously managed to get Fortress Investment Group to once again restructure his massive loan on the forlorn and falling apart Neverland Ranch so that the former King of Pop can sell it privately to a group of LA based investors. Now go put on your thinking caps children, because this is where it gets even more confusing. Mister Friedman has repeatedly reported that an L.A. based investor named Jason Castero has put $46,000,000 into an escrow account and will likely be one of the bidders standing on the steps of the Santa Barbara County courthouse on May 14.

However Mr. Plum, who claims to have connections at Fortress, says he's quite certain the foreclosure sale won't happen and there is another LA-based investment group that is NOT headed up by Jason Castero who is also making a play to purchase the property directly from The White Lady...that is IF the beleaguered and financially strapped Gloved One will sell the property.

Here's the thing: Your Mama has a very, very difficult time believing that Fortress would be in any mood to want to work with Mister Jackson on this long defaulted on $24,500,000 loan. We simply can't figure out how a refinance on the 2,600 acre ranch is in their best interest particularly if they know that this Castero fellow and perhaps another group of cash rich investors are chomping at the bit to buy the property.

Mister Plum tells Your Mama that it's going down this way because "Mister Jackson does not play that way," referring to the foreclosure and auction bizness. But with all due respect to Mister Plum, Neverland Ranch is already in foreclosure and Mister Jackson really isn't in any position to pull the real estate strings and play any way anymore. It all seems to have moved far beyond his ability to control the situation and call the shots, much as he might like to, of course

So then we'll all have to sit tight until the scheduled May 14 auction draws near and then see how all this rumor and gossip will sort itself out and into a place of truth and reality.

Photo/Sculpture: Jeff Koons' Michael Jackson and Bubbles (1986) via World of Art

25 comments:

Anonymous said...

It seems to me like Michael Jackson has "played his way" for far too long--hence the reason he's in the mess he's in!!! I hope the foreclosure sale happens.

Anonymous said...

Michael has very wealthy friends all over the world that love him for all of his contributions he has made and they are the bankers biggest customers so I am sure fortress will give him a break.

Anonymous said...

bizness is bizness. Banks want there money.

Anonymous said...

I hope the auction happens too because I will be in the area that day and would love to watch it all go down. I'll even capture it on video and send it to Mama so she can have finally have the Neverland fiasco closure she so deserves!

sandpiper said...

I don't think MJ has any future earning power. I confess, went over for a listen to his re-release at Legacy Records; the seeming Siberia/farm team arm of Epic. God only knows what favors the label called in to get the big guns to duet with him. It's a lackluster marketing effort,too. Maybe producing this re-mix is what Legacy had to do to support a case of dropping him.

The man has lost his voice. What now?

Anonymous said...

Yawn

Anonymous said...

For Anon 8:39AM--If you really do film the foreclosure proceedings, is there any way you could post in on here--or anywhere? I know there are lots and lots of people who would love to see it--including me!!!! Thanks!

Anonymous said...

That Raymone Bain is just a Plum!

aunt mary said...

Mama, way off topic: As you enjoy David Foster Wallace, let me recommend David Sedaris who is a delightfully sideways, verbal contortionist who is just so good. Sorry, folks, that's all.

pch said...

Aunt Mary, "Seasons Greetings to Our Friends and Family!!!" from Holidays on Ice is my all-time Sedaris favorite.

Anonymous said...

Give him a break? Make's you wonder why none of his "friends" are stepping up - burning bridges hurt even the king of POP.

Anonymous said...

Good for Michael Jackson!!! I wish him ALL the best. I never believed what Mr. Friedman had to say anyway.

aunt mary said...

pch, too, too funny! David Sedaris's writing will lower your blood pressure 10-15 points. Promise. And have you whooping and snorting , he catches you so off guard.

Bigdaddyj said...

Doesn't Janet have any money? LOL

lil' gay boy said...

Will this NEVER die?

Anonymous said...

Little Buddy,

MAY 14, 2007
1:00 PM (PT)
$ 24,525,906.61

Anonymous said...

MAY 14, 2008 !!!

Alessandra said...

Oh please. Even if he restructures, he's leveraged to beyond the hilt and has no discernible means of paying back the loan. He can't even keep his Encino home, for pity's sake.

Maybe he's hoping to win big on the slots in Vegas. If he were not in such a bubble world, he'd pull a Celine Dion and stay there, doing nightly shows for a gazillion dollars until he was solvent again.

Anonymous said...

That statue "thing" of MJ and Bubbles gives me the creeps. Somehow it seems to sum this all up though... guilded demented and tasteless

sandpiper said...

8:17,
Guilded, demented and tasteless...

Well said !!

so_chic_darling said...

I don't know who's creepier,Jeff Koons or Michael Jackson?

Anonymous said...

Janet is on Larry King tonight. The promo says she will talk about "family" and flashed up a photo of Michael. Wonder if she will address the Neverland fiasco?

lil' gay boy said...

That statue is scary - and speaks volumes.

macmillan said...

Michale Jackson the king of pop has already sheltered in the hearts of people.Many of his friends,fans are wealthy and are able to bank for his projects with his experience he will defnitly succed.
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macmillan

http://Foreclosures

Anonymous said...

micheal jackson is not broke. He owns all his music plus the Beatles. He makes 40 million a year off the beatles catlog. Im sure he make milions from his own stuff. i dont know about you but I can live very well on 40 mil a years.