Sunday, May 29 , 2016, 5:39 am | Fog/Mist 57º




Want to Buy Michael Jackson’s Ranch?

In the latest chapter of a fairly fascinating tale, Neverland Ranch may go on sale next month. Get out your checkbook.

By Greg Knowles |

I have been reading in the news lately about entertainer Michael Jackson and the Notice of Trustee’s Sale that was recorded against his Neverland Ranch in Los Olivos.

Since I’m in the business where this kind of public information is easy for me to get, I decided to get a copy of the document — if for nothing else to at least satisfy my curiosity.{ After reading through it I thought it might be worth posting this short article on the drama playing out in Los Olivos.

The document was recorded at 8:12 a.m. Monday. It references a Deed of Trust that was recorded April 14, 2006. The amount of money referenced in the Trustee's Sale Document is $24,525,906.61. This amount is not the final amount as there are additional monies that will be added. At this time, I'm not able to figure out what those monies might entail.

The sale of Neverland Ranch, 5225 Figueroa Mountain Road, is scheduled for 1 p.m. March 19 at the Courthouse, 1100 Anacapa St.

The Trustee's Deed doesn't mention the lender by name, but I pulled a copy of the trust deed and learned it is DBCG LLC, whose address is listed in care of Fortress Credit Corp. in New York.

The interesting part of the document is its references to all the personal property and the itemizing of many of the fixtures that made Neverland Ranch infamous. Some of the items listed are trains, carousels and merry-go-rounds. There's audio visual equipment — If I remember right there is a pretty good-sized theater — and computers, and on and on the list goes.

If I've read the document correctly, the trustees are even making sure that the use of the word "Neverland" is included in the sale to some degree.

I can't help but think of the circus that has surrounded this property and its owner, ever since he bought it. I have absolutely no idea if Jackson will be able to satisfy his lender or if the property will end up being auctioned on the Courthouse steps or even end up in the lenders' hands. The fate is truly up in the air from what I've heard. One way or another, I'm expecting more of the circus of news and media coverage we have all been used to seeing.

To view the document, click here, click here, click here, click here and click here.

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Greg Knowles
Greg Knowles is vice president county manager of LandAmerica Lawyers Title Co. This article, which originally appeared on his Santa Barbara Real Estate blog, is being republished with permission. Click here to read more.




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