Michael Jackson Foreclosure

[austin552]

http://www.foxnews.com/story/0,2933,332952,00.html

Wednesday, February 27, 2008

By Roger Friedman

So many people ask me, "What’s wrong with Michael Jackson? How did he get into this terrible situation?" His beloved home, the 2,900-acre Neverland Ranch, is about to be auctioned off in public, with all his possessions in it, on March 19 outside the Santa Barbara County Courthouse.

And, no, this is one foreclosure the federal government is not going to bail out.

Not only that: after a big debut week for the 25th anniversary edition of "Thriller" with 166,000 copies sold. But in its second week, the updated "Thriller" dropped 65 percent and sold just 55,000 copies, according to hitsdailydouble.com.

The bigger question is: What happened to all those Michael Jackson fans? Where are the legions of devoted fanatics who write to me, who consider themselves Jackson’s best friends? Where are they?

Michael Jackson's Neverland Foreclosed; Auction Date Set Full-page Fox411 Archive The fact is, if Jackson can’t sell more than 200,000 copies of a special edition "Thriller" in two weeks, he’s not going to be selling so many concert tickets after all.

And that may be an essential part of the equation as Jackson’s lawyer, Peter Lopez, makes a last-ditch attempt to refinance the $24.5 million loan needed to keep Neverland. Jackson is already leveraged to the hilt. He has assets on paper, but he doesn’t work. He doesn’t tour, and he’s not releasing records. Why would anyone in this economy lend him any more money?

One of Jackson’s biggest problems is that he won’t return to remunerative work. I told you two weeks ago that he recently was offered a great gig: 10 shows minimum, 30 max, at $1 million apiece to perform the "Thriller" album at London’s Millennium Dome. It was a solid offer from AEG Live. But he wouldn’t do it.

He also wouldn’t appear at the Grammys. He also refused to pitch in on "Thriller" publicity — most of it was done by producer Quincy Jones. It seems no one has ever told Jackson the old adage that 99 percent of life is just about showing up.

Working isn’t always fun, but it can be done. Say what you will about Michael’s sister, Janet, but she keeps going, making money. She’s made three albums in four years, tours constantly and knows how to play the game. Unlike Michael, Janet understands that she’s not entitled to anything. She goes out and gets what she wants and needs. Maybe Michael should take a lesson from his little sister.

Still a little unclear is what’s left in the Neverland main house. Now that the foreclosure is in place, Jackson may not have access to a lot of his possessions. If the property is auctioned "as is," the new owner may find himself with a treasure trove of children's underwear.

[Mule]

An he seemed like such a nice guy.

[onewhippedpuppy]

So his ARM is adjusting?

[Porsche-O-Phile]

I doubt he cares. I'm pretty sure he's been living in Dubai for the last few years and has all but given up his U.S. citizenship. At least that's what someone told me (and it certainly sounds believable).

I wonder if the ranch comes with all the "secret rooms".

[NICKG]

i want to buy the elephant man's bones

[fingpilot]

My grandfather, now departed, was a ranch realtor, and sold him that property, I had been with him on several sales trips, one of them there at that particular place. It was beautiful, and the ranch sold itself. Of course, the first thing MJ did was raze the ranch house and build the Carousel and amusement park on that site. The 'mansion' was constantly being 'updated', and only the building contractors know the truth.

I flew him for years when he was still welcome at Warner Brothers (it was the Bubbles episodes that were the final straw) and about the only two people in the business that have not abandoned him are Al Sharpton and Quincy Jones. I do not feel sorry for him at all.

BTW, MJ owns all the rights to the original Beatles albums as I remember, bought when he was flush with cash, and all was arranged at the behest of Quincy (one of the truly incredible people on this earth).

[cashflyer]

Originally Posted by austin552

What happened to all those Michael Jackson fans?

They finally realized that it was no longer 1984

Originally Posted by austin552

If the property is auctioned "as is," the new owner may find himself with a treasure trove of children's toys.

Fixed.

[rouxroux]

SUNDAY....SUNDAY....Ferris wheels, hyperbaric chambers, giraffes, 10 cents on the dollar!!!!!

[Carrman]

Originally Posted by fingpilot

BTW, MJ owns all the rights to the original Beatles albums as I remember, bought when he was flush with cash, and all was arranged at the behest of Quincy (one of the truly incredible people on this earth).

He may own the rights, but has he borrowed against them?

[widebody911]

If the property is auctioned "as is," the new owner may find himself with a treasure trove of children's underwear.

Fixed again

[KNS]

He'll leave the fantasy-world trappings behind and settle into a nice little duplex in West Covina (not far from the local elementary school).

[Carrman]

I think he's already living in his fantasy world, outside of the jurisdiction of US laws, in places where his, umm, "preferences" are not quite as frowned upon.

[Sonic dB]

He may own the rights, but has he borrowed against them?

its been said that McCartney was not happy with Jackson for buying those from under his nose and he would like them back.

[scottmandue]

What does Kmart and Michael Jackson have in common?

They both have boys pants half off!

Sorry... sorry... sorry...