Colony Capital (owners of Michael Jackson’s Neverland) to IPO
Posted By Aaron Wormus, July 1st, 2009 : PermalinkMarket Watch, with the help of regulatory filings has released an article which indicates that Colony Capital is raising money for an upcoming IPO:
Colony Financial Inc. will be a real estate investment trust managed by a subsidiary of Colony Capital. The new REIT plans to mainly buy, originate and manage commercial mortgage loans and other commercial real estate-related debt investments such as commercial mortgage-backed securities, the company said.
Despite it’s impressive 18-year track record, Colony capital may be best known for its 2008 purchase of the Neverland Ranch from Michael Jackson. The property was bought by Michael Jackson for a total of $22.5 Million.
In reaction to Michael Jackson’s death & the future of the Neverland Ranch, MarketWatch quotes Thomas Barrack, founder of Colony Capital saying:
“We are deeply saddened by yesterday’s tragic news about Michael Jackson,” Barrack said in a statement on Colony’s Web site after Jackson passed away last week. “Over the last year, I have had the opportunity to know and work with this gentle and talented man. We were pleased to help support his return to public life through our acquisition of Neverland Ranch.”
“Neverland itself is now a mythical sanctuary to Michael and we are doing our best to accommodate the throngs of global press and fans arriving there to express their grief,” Barrack added.
Tags: Business, Colony Capital, Investing, Michael Jackson, Neverland Ranch, Real estate, Real estate investment trust, Thomas Barrack
July 1st, 2009
3:33 pm
Michael should be buried at Neverland and turn it into a “Graceland” for Michael. Turn the house into a MJ museum. It would be wrong not to push for a quick exemption. That is ridiculous.
thank you.
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