Neverland Ranch
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| Location: | 5225 Figueroa Mountain Rd, Los Olivos, CA 93441[1] |
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| Coordinates: | |
| Size: | Appromixately 3,000 acres (12 km²) |
| Employees: | Approximately 70 |
| Acquisition date: | 1988[1] |
Neverland Valley Ranch is a developed property in Santa Barbara County, California, owned by American pop musician Michael Jackson. It operated as his private amusement park and home when the facility opened in 1988, but is no longer in operation.[2] The property was purchased from golf course entrepreneur William Bone.[1] The property is over 2,800 acres (11 km²) in size;[3] it contains, among other things, a zoo and a theme park, with a Ferris wheel, merry-go-round, zipper, spider, sea dragon, wave swinger, super slide, dragon wagon kiddie roller coaster and bumper cars. It is named after Neverland, the fantasy island in the story of Peter Pan, where children never grow up.
The ranch is located at 5225 Figueroa Mountain Rd, Los Olivos, CA 93441,[1] about 5 miles (8 km) north of unincorporated Los Olivos (about eight miles (13 km) north of the town of Santa Ynez), in the Santa Ynez Valley. The area surrounding Neverland previously consisted of working ranches; today, the area is made up of vineyards.
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[edit] Value
In early 2004, news program Entertainment Tonight estimated Neverland Ranch to be valued at approximately $1120 million. The Santa Barbara County assessor's office has assessed its value at $96 million, but only for tax purposes. Forbes estimates the ranch may be worth significantly more than that. While sorting through boxes of Jackson family memorabilia up for auction in Las Vegas, Nevada, auction staff members found a 1987 contract detailing his $30 million (or $17 million in 1987[4]) purchase of the land that became the Neverland Ranch.[5]
[edit] Foreclosure proceedings
Foreclosure proceedings commenced against Neverland Ranch on October 22, 2007.[6][7] However, a spokeswoman for Jackson says the loan is merely being refinanced.[8]
On February 25, 2008, Jackson received word from Financial Title Company, the trustee, that unless he paid off $24,525,906.61 by March 19, a public auction will go forward in Santa Barbara, California, in front of the county courthouse.[9] Along with the land and buildings, other things on the property would also be up for auction, such as the rides, trains, art, and curtains.[10] On March 13, 2008, Londell McMillan, Jackson's lawyer, announced that a private agreement had been reached with the private investment group, Fortress Investment, to save Jackson's ownership of the ranch.[11] Before the agreement, Jackson owed three months' arrears on the property.[11] McMillan did not reveal the details of the deal.[11] As of March 13, it has been confirmed Mr. Jackson still owns Neverland.[12]
On May 12, 2008, a foreclosure auction for Michael Jackson's Neverland Ranch was canceled after an investment company, Colony Capital LLC purchased the loan. Jackson was in default on the $24.5 million (£12 million) owed on the 2,500-acre property.[13] In a press release, Jackson stated, "I am pleased with recent developments involving Neverland Ranch and I am in discussions with Colony and Tom Barrack with regard to the Ranch and other matters that would allow me to focus on the future."[14][15]
[edit] References
- ^ a b c d Soriano, Cesar G. "At Neverland, they believe", USA Today, 2003-11-24.
- ^ Ryan, Joal. "King of Pop Downsizes Kingdom", E! News, 2006-03-17. Retrieved on 2007-03-03.
- ^ "Dispute shuts down Jackson ranch", BBC News, 2006-03-10. Retrieved on 2007-03-03.
- ^ Taraborrelli, J. Randy (2004). The Magic and the Madness. Terra Alta, WV: Headline. ISBN 0-330-42005-4.
- ^ "Vegas Hosting Big Jackson Family Auction", The Associated Press, Fox News, 2007-05-29.
- ^ "Neverland in Foreclosure?", TMZ.com, 2007-11-06. Retrieved on 2007-11-07.
- ^ Foreclosure Detail Report. Retrieved on 2007-11-07.
- ^ "Jackson 'will not lose Neverland'", BBC News, 2007-11-10. Retrieved on 2007-11-10.
- ^ Notice of Trustee's Sale, Santa Barbara County Recorder via Fox News Record no. 2008-0010131, February 25, 2008
- ^ "Neverland Ranch Set for Auction", Associated Press, Forbes, 2008-02-26.
- ^ a b c "Michael Jackson 'saves Neverland'", BBC News, 2008-03-13. Retrieved on 2008-03-13.
- ^ Friedman, Roger. "Auction of Michael Jackson's Neverland May Be Forestalled; Scam a 'Thriller'", Fox News, 2008-03-13. Retrieved on 2008-03-13.
- ^ "Foreclosure auction on Jackson's Neverland Ranch is canceled", Associated Press, CNN, 2008-05-13. Retrieved on 2008-05-13.
- ^ Business Wire (2008-05-11). "Neverland Ranch Note Sold to Colony Capital". Press release. Retrieved on 2008-05-13.
- ^ "Neverland Ranch foreclosure auction canceled", Associated Press, Google News, 2008-05-12. Retrieved on 2008-05-13.
[edit] External links
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