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Tom Barrack Takes Control of Neverland

Earlier this month, AP reported a development that every real estate professional in Santa Barbara County fully anticipated: Neverland no longer belongs to Michael Jackson. The new owner of the 2,500-acre trophy property? That was even less of a surprise: Sycamore Valley

Earlier this month, AP reported a development that every real estate professional in Santa Barbara County fully anticipated: Neverland no longer belongs to Michael Jackson. The new owner of the 2,500-acre trophy property? That was even less of a surprise: Sycamore Valley Ranch Co., an affiliate of Tom Barrack’s Colony Capital.

Jackson’s financial difficulties are nothing new. Neither is Barrack’s deft maneuvering. The California billionaire made his fortune buying up bad real estate loans from troubled S&Ls. In May, the billionaire implemented the same m.o. when he bailed out Jackson after the entertainer defaulted on a $24.5 million note on Neverland.

Prior to purchasing Neverland in 1988, the property was known as the Sycamore Valley Ranch. According to the AP report, the property’s new owner is a joint venture between Jackson and an affiliate of Colony Capital LLC, according to a person with knowledge of the transaction who was not authorized to speak on the record and requested anonymity.

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Posted in Cattle, Equestrian, Eric OKeefe, Farming, Feature, News Desk, Pacific, Recreation, Regional News, Residential Property, Topics

One comment on “Tom Barrack Takes Control of Neverland

  1. QUEST QUASAR says:

    I AM GOING TO NEVERLAND AGAIN JAN OF 2012. I WISH THEY WOULD LET US JUST DRIVE AROUND THE PROPERTY WITHOUT GETTING OUT OF THE CAR. WELL, UNTIL THEN I WILL CONTINUE TO RENT A HELICOPTER AND FLY OVER THE PROPERTY. IT IS NICE FROM THE AIR TOO. ALL I CAN DO UNTIL THEY LET ME IN TO SEE THIS BEAUTIFUL PROPERTY.

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