June 13 Article on Work at Neverland

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June 13 Article on Work at Neverland

Post by Christiana on Fri Nov 20, 2009 1:58 pm

With all the research I've been doing on the cement going to Neverland, etc, I just found this article about work at Neveralnd, dated June 13.

http://online.wsj.com/article/SB124484259109711019.html

It's a rather long article, so I didn't want to post the whole thing. But here's a snippet or two (below). Perhaps this explains why the cement truck etc was there...just ongoing work that began in January? And if so, then this would mean that the cement was very likely NOT for a possible burial at Neveralnd!

But now the ranch is playing a role in an effort to rehabilitate Mr. Jackson's finances. Since January, more than 80 workers have been toiling at the ranch as part of a plan by real-estate investment firm Colony Capital LLC to convert the former money pit into a lucrative asset. The company has spent more than $3 million on landscaping and repairs to the property's electrical and plumbing systems. Soon Colony plans to bring in a small herd of Clydesdales to show visitors some signs of life on the all-but-abandoned estate.

Last spring, Mr. Jackson defaulted on a $24.5 million loan backed by the ranch. Los Angeles-based Colony bought the note for $23 million and put the title into a joint venture it formed with the singer.

Before it puts the estate on the market, Colony plans to change its name and allow local charities to use it to host fund-raisers.

"We think we made a very smart real-estate deal that was to the benefit of Michael and Colony," says the real-estate firm's chief executive, Tom Barrack. He believes the estate could fetch $70 million to $90 million, in which case Mr. Jackson could also realize a tidy profit. "Should Michael Jackson's career be reaccelerated, it will have substantial additional value."

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