Colony Capital chief Thomas Barrack has bailed out Michael Jackson.
Jackson’s California estate, Neverland, was close to foreclosure when Barrack’s real estate company bought the $23.9 million loan on the property. The previous holder of the loan, Fortress Investment Group, had been prepared to auction it off.
Neverland, boasting a roller coaster, ferris wheel, and zoo of exotic animals, garnered all sorts of negative publicity over the years as the site of alleged indiscretions. Jackson bought the ranch 20 years ago, for $28 million, according to the Los Angeles Times.
In 2005, after his acquittal on child molestation charges, Jackson left Neverland behind and moved to the Mideast.
Barrack’s ranch borders Jackson’s estate. However, as Portfolio notes, neighbor is a relative term among the very rich. The two homes are 11 miles apart.
Barrack is a director and owner of Station Casinos, Inc., which owns casinos and hotels in Las Vegas. He formerly handled investments for Texas billionaire Robert M. Bass. Barrack also served as deputy undersecretary of the Interior Department under Ronald Reagan.
He’s a former director of Continental Airlines.