Encino house via WSJ
Approaching the one year anniversary of Michael Jackson's death, the MJ stories are coming fast and furious (they include Animal Planet's Bubbles documentary). The Wall Street Journal peeks into his finances, which are in a lot better shape now than they were when he died. A year ago, Jackson had $500 million in debt, and was "covering his sizable personal overhead with a $35 million cash advance from AEG Live."
Jackson owed $9,000 to the LADWP and $1,300 to AT&T for utilities at his family house in Encino, and he was late on payments on a $5 million loan he had secured with that house. The WSJ says it "was scheduled to enter foreclosure the day after Mr. Jackson died." Jackson was also four months behind on both loan payments and HOAs on "a nearby condominium." But Jackson's estate has paid off about $200 million since his death with money earned from record sales, royalties, and film rights for This Is It, while "Mr. Jackson's absence from the equation has eliminated the chaos and out-of-control spending that reigned during his life."
Neverland Ranch in Santa Barbara County is owned by LA-based Colony Capital, which entered into a joint venture deal with Jackson after he defaulted on a $24.5 million loan in 2008. The paper says it "is unlikely to be converted into a public attraction like Elvis Presley's Graceland" because of "logistical issues," which is good news for Jackson hometown and memorial developers Gary, Indiana. It will probably be sold, although a sale "doesn't appear imminent."
· Jackson Estate Steers to Next Challenge: Loan Refinancing [WSJ]