Sale of Jackos Neverland ranch in negotiationsMarch 17th, 2009 - 12:54 pm ICT by ANI
Washington, March 17 (ANI): Pop star Michael Jacksons Neverland Ranch is about to be sold, if reports are to be believed.
Sources have revealed that there is a buyer who has shown interest in purchasing the property.
It may be recalled that Jackson and Colony Capital became partners in the ranch last fall, after the latter put a 23.5million-dollar note on the property.
The name of the ranch was changed to Sycamore Valley, Jackson got several million dollars in refinancing, and the Colony added its name to the lease.
Sources now say that the interested buyer may end Jacksons 21-year ownership of the fabled property by purchasing it, reports Fox News.
They say that if the negotiations between the parties materialise, the deal will pay back Colony in full, and still send several million dollars Jacksons way.
The only hitch in the deal is that the prospective buyer, unaware that Jacksons aide Tohme Tohme had arranged for this Aprils memorabilia auction, wanted the house to full of its original tchotckes.
Now, all parties are said to be getting ready to meet and discuss the future of the auction, which is set for April 21-25. (ANI)
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