SATURDAY MAY 10th 2008 Auction of Michael Jackson's Neverland Canceled

It's great to see news today from Tabloid Junkie Frielman. Todays news story shows his previous stories concerning Neverland being sold and Michael being broke were wrong, and you can always tell when he's bitter about being wrong because he still attacks Neverland at the end of his news.

TABLOID

By Roger Friedman

Surprise! The public auction of Michael Jackson's Neverland Ranch has been canceled. The news came Friday afternoon, just five days before the 2,900-acre spread was set to be sold in public to the highest bidder.

No word yet on what's happened, although the likelihood is that Jackson has reached a refinancing agreement with Fortress Investments, the loan holder. They currently hold a $23.5 million note on the property.

Jackson has been working with a number of friends including financier Ron Burkle, who's lent his support but not his money in trying to help Jackson out of this predicament.

Of course, whatever's happened, the only real solution is for Jackson to sell the property now, pay off all his loans and invest the money wisely. What are the chances of the last part happening? Not great, but you never know.

Earlier today we reported that Fortress Investments was expected to accept the highest bid over $20 million on May 14 at an auction on the steps of the Santa Barbara County Courthouse. It would have been interesting as the property, even in the current economy, could be worth four times that if it’s subdivided.

The loss of Neverland would close an inauspicious chapter for Jackson. The ranch was the scene of many charity fundraisers. But it was also a place for dark memories. The police raided the property a few times over the years looking for evidence that Jackson had molested children.

What they did find, and what was eventually presented in a court case, was all kinds of pornography and many examples of tackiness.

SOURCE : TABLOID : FOX