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Jackson could lose Neverland over £152m debt payment
WILLIAM TINNING December 19 2005
Michael Jackson could lose his Neverland Ranch and his share of the Beatles song catalogue this week unless he pays some of the money that he owes to a firm of "distressed debt" specialists.
It has been reported that Fortress Investments, based in New York, will move against the singer's assets tomorrow unless he comes up with repayments to cover a loan worth £152m it acquired from Bank of America last May after he failed to make a $350,000 repayment, the equivalent of nearly £200,000, the previous month.
A missed payment to Fortress in October prompted a rescheduling of the debt until tomorrow.
The singer, who has debts of $339m (£191m) could be obliged to sell his 2700-acre Neverland Ranch outside Santa Barbara, California, which includes zoo animals, a funfair, and has annual running costs of $5m.
He could also lose half of the Sony/ATV Music Publishing catalogue of 300,000 songs – including more than 200 Beatles songs – he acquired in 1985 for $47.5m. It earns him $75m a year.
Mijac, a publishing company, which owns the rights to his own songs and music by Elvis Presley and others, against which Jackson has borrowed $69m, is also at risk.
Jackson is understood to have spent much of his time as a guest of the royal family in Bahrain since being cleared last June of all charges, including molesting a teenage cancer survivor at Neverland, following a 14-week trial.
The verdict exonerated the singer, who insisted he was the victim of mother-and-son con artists and a prosecutor, Tom Sneddon, with a vendetta.
Jurors also acquitted Jackson of getting 13-year-old Gavin Arvizo drunk and of conspiring to imprison his accuser and the boy's family at his huge estate.
Michael Jackson could lose his Neverland Ranch and his share of the Beatles song catalogue this week unless he pays some of the money that he owes to a firm of "distressed debt" specialists.
It has been reported that Fortress Investments, based in New York, will move against the singer's assets tomorrow unless he comes up with repayments to cover a loan worth £152m it acquired from Bank of America last May after he failed to make a $350,000 repayment, the equivalent of nearly £200,000, the previous month.
A missed payment to Fortress in October prompted a rescheduling of the debt until tomorrow.
The singer, who has debts of $339m (£191m) could be obliged to sell his 2700-acre Neverland Ranch outside Santa Barbara, California, which includes zoo animals, a funfair, and has annual running costs of $5m.
He could also lose half of the Sony/ATV Music Publishing catalogue of 300,000 songs – including more than 200 Beatles songs – he acquired in 1985 for $47.5m. It earns him $75m a year.
Mijac, a publishing company, which owns the rights to his own songs and music by Elvis Presley and others, against which Jackson has borrowed $69m, is also at risk.
Jackson is understood to have spent much of his time as a guest of the royal family in Bahrain since being cleared last June of all charges, including molesting a teenage cancer survivor at Neverland, following a 14-week trial.
The verdict exonerated the singer, who insisted he was the victim of mother-and-son con artists and a prosecutor, Tom Sneddon, with a vendetta.
Jurors also acquitted Jackson of getting 13-year-old Gavin Arvizo drunk and of conspiring to imprison his accuser and the boy's family at his huge estate.
Michael Jackson could lose his Neverland Ranch and his share of the Beatles song catalogue this week unless he pays some of the money that he owes to a firm of "distressed debt" specialists.
It has been reported that Fortress Investments, based in New York, will move against the singer's assets tomorrow unless he comes up with repayments to cover a loan worth £152m it acquired from Bank of America last May after he failed to make a $350,000 repayment, the equivalent of nearly £200,000, the previous month.
A missed payment to Fortress in October prompted a rescheduling of the debt until tomorrow.
The singer, who has debts of $339m (£191m) could be obliged to sell his 2700-acre Neverland Ranch outside Santa Barbara, California, which includes zoo animals, a funfair, and has annual running costs of $5m.
He could also lose half of the Sony/ATV Music Publishing catalogue of 300,000 songs – including more than 200 Beatles songs – he acquired in 1985 for $47.5m. It earns him $75m a year.
Mijac, a publishing company, which owns the rights to his own songs and music by Elvis Presley and others, against which Jackson has borrowed $69m, is also at risk.
Jackson is understood to have spent much of his time as a guest of the royal family in Bahrain since being cleared last June of all charges, including molesting a teenage cancer survivor at Neverland, following a 14-week trial.
The verdict exonerated the singer, who insisted he was the victim of mother-and-son con artists and a prosecutor, Tom Sneddon, with a vendetta.