Tuesday, March 18, 2008

MICHEAL JACKSON SAVES HIS RANCH




Micheal jackson has managed to save his neverland ranch from being auctioned.The thriller singer,whose 2800 acre californian estate was due to go under the hammer on march 19 unless he could raise a staggering $24.5 million,worked out a deal with fortress investment Group LLC to refinance the property.His lawyer said they have sorted out a confidential agreement.
Fortress Investments originally loaned jackson $300 millian to pay off his debts and threatened to sell the property through a santa barbara real estate broker if it was not sold at auction. Jackson has not lived at the neverland ranch sonce june 2005,when he moved to bahrain. In 2006,authorities ordered the property to be boarded up after it was revealed Micheal has not paid his employees .
His dream was to make the property as a"paradise for children "for tat he bought the property in 1987.

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