Printer Friendly

Jacko saves LA home after paying debt.

Provided by

Michael Jackson has narrowly avoided losing his house in Los Angeles, after paying off debts of $414,806. The 'Thriller' singer's three-bedroom, three-bathroom property in Encino had been scheduled to be sold at a public auction on May 5, according to A Notice of Trustee's Sale filed on

April 11.

However, the 49-year-old musician has now saved the house by settling his debts. A spokesperson for the singer said: "The property has been paid and is no longer in foreclosure."

Last month, Jackson managed to save his 2,800 acre Neverland ranch, in California, from going to auction after working out a deal with Fortress Investment Group LLC to refinance the property instead of paying the $24.5 million fee. Jackson's lawyer L Londell McMillan said: "They've sorted out a confidential agreement. Neverland and Michael Jackson are fine."

Fortress Investments originally loaned Jackson $300 million to pay off his debts and threatened to sell the property through a Santa Barbara real estate broker if it wasn't sold at auction. The eccentric pop star bought the property in 1987, intending to turn it into a "paradise for children". After installing a host of fairground rides and building a zoo, which included elephants, snakes, giraffes and llamas, Jackson opened up his fairytale home to children. Jackson was acquitted of child sex charges in a dramatic court course in 2005.

[c] 2007 Al Sidra Media LLC

Provided by an company
COPYRIGHT 2008 Al Bawaba (Middle East) Ltd.
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 2008 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:7 Days (Dubai, United Arab Emirates)
Date:Apr 29, 2008
Previous Article:Tot's dad mad at sect upbringing.
Next Article:Ashton eyes song and dance.

Terms of use | Privacy policy | Copyright © 2019 Farlex, Inc. | Feedback | For webmasters