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Out of context: Reply #19
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Foreclosure proceedings commenced against Neverland Ranch on October 22, 2007.[6][7] However, a spokeswoman for Jackson said that the loan was merely being refinanced.[8]
On February 25, 2008, Jackson received word from Financial Title Company, the trustee, that unless he paid off $24,525,906.61 by March 19, a public auction would go forward of the land, buildings, and other items such as the rides, trains, and art.[9][10] On March 13, 2008, Londell McMillan, Jackson's lawyer, announced that a private agreement had been reached with the private investment group, Fortress Investment, to save Jackson's ownership of the ranch.[11] Before the agreement, Jackson owed three months' arrears on the property.[11] McMillan did not reveal the details of the deal.
On May 12, 2008, a foreclosure auction for the ranch was canceled after an investment company, Colony Capital LLC, purchased the loan. Jackson was in default on the $24.5 million owed on the 2,500-acre (10 km2) property.[12] In a press release, Jackson stated, "I am pleased with recent developments involving Neverland Ranch and I am in discussions with Colony and Tom Barrack with regard to the Ranch and other matters that would allow me to focus on the future."[13][14]
On November 11, 2008 Jackson transferred the title to Sycamore Valley Ranch Company LLC, and neighbors reported immediate activity on the property including removal of the amusement rides.[15] Jackson still owned an unknown stake in the property, since Sycamore Valley Ranch was a joint venture between Jackson (represented by attorney L. Londell McMillan) and an affiliate of Colony Capital LLC (an investment company run by billionaire Tom Barrack).[16][17][18][19][20] The Santa Barbara County Assessor's Office stated Jackson sold an unknown proportion of his property rights for $35 million.[21][22]