Investors have been busy buying foreclosed and discounted properties hoping to make a profit since the mortgage meltdown began. I learned from a March Wall Street journal
article that Tom Barrack, Colony Capital CEO, recently purchased the world famous Neverland Ranch, once owned by Michael Jackson. This property was foreclosed on right after Jackson’s death and is currently being restored to its former glory. Barrack says that he is not planning on “doing anything commercial with it and that he is just a steward of a very special place.” To be perfectly honest, I find this hard to believe.
Although Tom Barrack’s plans for Jackson’s ranch seem harmless, I would not be surprised if he turns this famous property into a moneymaker for his company. After all, he is still an investor. I can easily imagine Neverland as a major tourist destination open to the public for a fee of course.
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| Neverland Ranch |
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| Just a few of the many rides Michael Jackson bought for this property |
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| The main entrance of Neverland Ranch |
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| Tom Barrack |
This is a pretty interesting read you got here. It lurks on the idea that Tom Barrack (interesting last name!) is more than likely going to turn the Neverland Ranch into a cash-cow. Which now is probably even more likely considering he's the owner. Now, if this were to happen and if he were to profit from it by using the Michael Jackson name/fame--which will undoubtedly bring people and high profits-- Michael Jackson's estate would also be gaining from this, I hope. So I don't think he's that off-the-hook.
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