Thursday, February 28, 2008

Michael Jackson's Woes Continue!

I have been reading in the news lately about Michael Jackson and the Notice of Trustee Sale that was recorded against his property.

Since I'm in the business where this kind of public information is easy for me to get I decided to get a copy of the document if for nothing else to at least satisfy my curiosity.

After reading through it I thought it might be worth posting this short article on the drama playing out in Los Olivos.

The document was recorded on Monday Feb 25th at 8:12 in the morning. It references a Deed of Trust that was recorded April 14th 2006.

The amount of money referenced in the Trustees Sale Document is $24,525,906.61. This amount is not the full amount as there are additional monies that will be added on to that. At this time, I'm not able to figure out what those monies might entail.

The sale is scheduled to be on March 19th 2008, at 1pm at the County Courthouse 1100 Anacapa St. in Santa Barbara Ca.

The Trustees Deed doesn't mention the lender by name, but I did pull a copy of the trust deed and it is DBCG LLC whose address is in c/o Fortress Credit Corp. in New York.

The interesting part of the document is later on where it references all the personal property and begins to itemize many of the fixtures that The Neverland Ranch is famous for.

Some of the items listed are trains, carousels, and merry go rounds. They don't stop there, audio visual equipment (If I remember right there is a pretty good sized theatre on the property), computers, etc...

If I'm reading this document correctly they are even making sure that the use of the word "Neverland" is included in sale to some degree.

I can't help but think of the circus that has surrounded this property and it's owner ever since he bought this property. I have absolutely no idea if Mr. Jackson will be able to satisfy his lender or if the property will end up being auctioned on the courthouse steps or even end up in the lenders hands. The fate is truly up in the air from what I've heard. One way or another I'm expecting more of the circus of news and media coverage we have all been used to seeing.

I have attached a copy of the document so anyone who would like to can read it for themselves. See You In Escrow!

No comments: