Showing posts with label Michael Jackson. Show all posts
Showing posts with label Michael Jackson. Show all posts
Friday, November 5, 2010
Thursday, July 1, 2010
Michael Jackson's Housing Debt Weighs on Estate, Heirs
Michael Jackson lives on through a mountain of real estate debt still on the books at the one-year anniversary of his passing. Due to this and other deficits, his personal estate's money woes remain steep and still affect the family members he left behind.
With little liquidity floating around, eyes are on Jackson's real estate holdings.
So far, the Jackson family home, a 5-bedroom 7-bathroom, 10,476-square-foot home at 4641 Hayvenhurst Ave; in Encino, Calif., where his mother, Katherine, lives, has managed to avoid foreclosure. But just in the nick of time.
The save comes thanks to the roughly $200 million that the singer has brought in posthumously in the 12 months following his death. But while renewed popularity in Jackson's music has helped pay off debt, by no means are his plethora of properties in the clear -- a harsh reality that could affect Jackson's three children and his 80-year-old mother.
Come December 2010, the pop star's estate is expected to fork over $300 million of the $500 million debt that the Smooth Criminal and Thriller singer owes due to over-the-top spending throughout his life and, most excessively, in his final years.
By the end of 2010, Barclays PLC expects the matured $300-million loan that they gave Jackson to be paid in full.
In addition to the Encino home, Jackson's other costly and famed real estate is his Neverland Ranch at 5225 Figueroa Mountain Road in Los Olivos, Calif., a property that sits on 2,676 acres near Santa Barbara. Neverland was bailed out of foreclosure by Colony Capital LLC, an L.A. real estate investment firm that bought the note and placed the estate in a joint venture with Jackson back in 2008. (Colony takes care of the ranch's overhead, maintenance and tax costs.) It's currently not for sale and experts say it most likely will not be converted into a tourist attraction like Graceland, Elvis Presley's opulent pad.
There's also the family's home from Michael's childhood in Gary, Ind., at 2300 Jackson St.
A condo owned by Jackson near the Encino enclave was four months late on loan payments and homeowner dues, so was also allegedly in danger of foreclosing until it was recently paid off. At the time of his death, Jackson was living in a rented mansion in Holmby Hills, a high-end L.A. neighborhood near Bel Air.
Despite his various financial holdings, at the time of his death Jackson was plagued with unpaid bills. The Encino home, which was slated to foreclose on the day after Jackson died, had outstanding debts that included thousands of dollars in utility bills. Several months had passed without anyone, be it Jackson, his mother, or any other Jackson family members making a payment. Besides Katherine and the singer's three children, the offspring of two of Michael's brothers also live in the family home.
For a family that has amassed such massive wealth, the Jacksons were in danger of being without running water because of only $9,000 owed to the Los Angeles Department of Water and Power. Their phone/cable/internet service was nearly disconnected because $1,300 was left unpaid.
Another lesson, perhaps, on the dangers of overextending yourself in property ownership.
housingwatch.com
With little liquidity floating around, eyes are on Jackson's real estate holdings.
So far, the Jackson family home, a 5-bedroom 7-bathroom, 10,476-square-foot home at 4641 Hayvenhurst Ave; in Encino, Calif., where his mother, Katherine, lives, has managed to avoid foreclosure. But just in the nick of time.
The save comes thanks to the roughly $200 million that the singer has brought in posthumously in the 12 months following his death. But while renewed popularity in Jackson's music has helped pay off debt, by no means are his plethora of properties in the clear -- a harsh reality that could affect Jackson's three children and his 80-year-old mother.
Come December 2010, the pop star's estate is expected to fork over $300 million of the $500 million debt that the Smooth Criminal and Thriller singer owes due to over-the-top spending throughout his life and, most excessively, in his final years.
By the end of 2010, Barclays PLC expects the matured $300-million loan that they gave Jackson to be paid in full.
In addition to the Encino home, Jackson's other costly and famed real estate is his Neverland Ranch at 5225 Figueroa Mountain Road in Los Olivos, Calif., a property that sits on 2,676 acres near Santa Barbara. Neverland was bailed out of foreclosure by Colony Capital LLC, an L.A. real estate investment firm that bought the note and placed the estate in a joint venture with Jackson back in 2008. (Colony takes care of the ranch's overhead, maintenance and tax costs.) It's currently not for sale and experts say it most likely will not be converted into a tourist attraction like Graceland, Elvis Presley's opulent pad.
There's also the family's home from Michael's childhood in Gary, Ind., at 2300 Jackson St.
A condo owned by Jackson near the Encino enclave was four months late on loan payments and homeowner dues, so was also allegedly in danger of foreclosing until it was recently paid off. At the time of his death, Jackson was living in a rented mansion in Holmby Hills, a high-end L.A. neighborhood near Bel Air.
Despite his various financial holdings, at the time of his death Jackson was plagued with unpaid bills. The Encino home, which was slated to foreclose on the day after Jackson died, had outstanding debts that included thousands of dollars in utility bills. Several months had passed without anyone, be it Jackson, his mother, or any other Jackson family members making a payment. Besides Katherine and the singer's three children, the offspring of two of Michael's brothers also live in the family home.
For a family that has amassed such massive wealth, the Jacksons were in danger of being without running water because of only $9,000 owed to the Los Angeles Department of Water and Power. Their phone/cable/internet service was nearly disconnected because $1,300 was left unpaid.
Another lesson, perhaps, on the dangers of overextending yourself in property ownership.
housingwatch.com
Thursday, June 24, 2010
Michael Jackson Series -Post Three
My favorite Michael Jackson album , here's my faves
Don’t stop till you get enough
Rock with you
Rock with you won't embed the stupid people on youtube won't share . How Can they not share the video with sexy michael with the glitter suit Seriously.
http://www.youtube.com/watch?v=5X-Mrc2l1d0
She’s out of my life
She's out of my life Music Video same as rock with you even though this embed the video takes up the page.
http://www.youtube.com/watch?v=BWTVTaRiS_g&feature=player_embedded
I can’t help it
Workin ‘ Day and Night
Get on the floor
It’s the falling in love
Off the Wall
Sunday, June 20, 2010
Michael Jackson Series -Post Two
The Jacksons -Triumph
The Bridge between Michael Jackson’s Off the Wall and Michael Jackson’s Thriller. I love the whole album but these are my favorites
Can you feel it
Lovely one
Your ways
Everybody
This Place Hotel(aka Heartbreak Hotel)
Give it up
Thursday, June 10, 2010
Michael Jackson Series -Post One
This month is the 1st Anniversary of Michael Jackson's death , since i'm a Huge fan I have Decided to post some of my favorite songs , videos and albums from the King of Pop.
This is from The Jacksons
Blame it on the boogie
more coming soon......
Sunday, March 28, 2010
Who is the Next Michael Jackson??? (Everyone's favorite tired subject)
So here we go again, people trying to find some other artist to crown the new Michael Jackson. Usher, Justin Timberlake and Chris brown all were in line to be the new Michael Jackson, now we have Quest love crowning Beyonce as the new Michael and now Rodney Jerkins crowning Lady Gaga as the new Michael. Will it ever stop!!! I see everything is back to normal now as far as the whole we love Michael fad (2009) All these artists that I mention I am huge fans of (well not Chris brown anymore , that’s another subject for another day) and I feel these artists are very talented but no where near Michael status. Why must we keep putting crowns on people, saying that they are the new this or the new that. Can’t they just be themselves and most said they are copying its called being influence people everybody feed off each other. It’s bad enough that the music industry can’t produce real talent anymore and when we do get an artist from this generation that is trying to make decent music we downgrade their talent by comparing them to a legend like Michael. It goes to show how much Michael was truly appreciated always trying to put his title on others. I’m not offended by it at all; I just feel it’s unfair to the artists from this generation. A lot of them are not even trying to become the new anything; it’s the media and fans that raise the bar higher for them.
Sadly we will never see talent like Michael again so we have to fool ourselves into thinking Beyonce is taking his place. I have a Love/Hate with this girl I tell you. I’m a fan of her but then someone hypes her up like she’s the second coming I hate her again. I’m personally over “who is the next MJ” craze. Music has gone downhill and will continue to. No matter what artists will always be compared deal with what’s out now, play an old Michael album and call it a day.
Sadly we will never see talent like Michael again so we have to fool ourselves into thinking Beyonce is taking his place. I have a Love/Hate with this girl I tell you. I’m a fan of her but then someone hypes her up like she’s the second coming I hate her again. I’m personally over “who is the next MJ” craze. Music has gone downhill and will continue to. No matter what artists will always be compared deal with what’s out now, play an old Michael album and call it a day.
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