The Truth About Who Owns Neverland

For those who want to know about Neverland. When you buy a house you borrow money from a bank. You then agree to pay the bank back this money, a certain amount every month for a number of years. This is called a mortgage.

If you do not pay the bank back their money, the bank can force you to sell your house so they get their money back. This is called foreclosure.

In 2008 this is what happened to Michael with Neverland. The mortgage money had not been paid for a long time and the bank decided that the only way they would get their money back was for Michael to sell Neverland.

Michael did not want this to happen. While he did not want to live at Neverland, he did not want to sell it and get rid of it either.

So he did a deal with COLONY CAPITAL and TOM BARRACK. The deal was that COLONY would buy out the mortgage. This meant that the bank got all their money back in one lump sum.

COLONY CAPITAL is an investment company. So instead of the monthly mortgage payments being owed to the bank, they are now owed to COLONY.

As part of the deal with COLONY, Michael retained a majority % of ownership. This meant that he still kept control of Neverland but did not have to worry about the upkeep and maintenance of the property. The loan would be repaid, and Neverland would be safe from foreclosure and Michael would not have to worry that someone would try to take it from him again.

When he died that % became part of Estate, therefore PPB as heirs to Michael's Estate are part owners just like Michael was

When Michael did deal contents of Neverland i.e. animals, funfair furniture etc. were all moved out and a lot was sold.

The main house where Michael lived  was original house of Sycamore Ranch before he bought it

The Neverland ranch even when Michael lived there was a proper working ranch & nothing has changed since he died

Thank you @ Qbees 87% according to last financial report submitted to the court by Estate (the % of ownership of Neverland the Estate has)

Thanks to @ andjustice4some Neverland (Sycamore Ranch LLC) is under CA State agricultural preserve contract. http://twitpic.com/badzpz

Neverland cannot, but CA state law, be "demolished". The Estate has the final say and want Michael's kids to make that decision when 18.

The Williamson Act protects agricultural preserves on a 10 year contract, and saves the landowner from 20-75% on their annual property taxes

"A Williamson Act contract runs with the land and is binding on all successors in interest of the landowner.

Anyone who says that Michael's children do not own Neverland is lying. Anyone who says that John Branca owns Neverland is lying. John Branca is The Executor of Michael's Estate. This means that John Branca manages Michael's Estate, ie Michael's possessions and money. Neverland is PART of Michael's Estate, managed by John Branca, on BEHALF of Michael's heirs who are minors.

Clearing Up Misunderstandings About Michael's Estate

lets clear up some misunderstandings about Michael's Estate.

When a person dies, everything they own, money, property, possessions etc is called The Estate of Mr *******. If the person has made a will, they will have named in their will the person or persons they want to look after their estate when they die.

In Michael's case he named John Branca and John Mcclain to look after his estate. These people are called The Executors Of The Estate.

The Executors Of The Estate are the ones who carry out the instructions in the will. By law before any inheritance is paid out, all debts and money owed by the dead person must be paid from the money the dead person had. This also includes any court cases which are pending or have been brought against the dead person.

This process is called probate. When an Estate is in Probate, no inheritance money can be paid out. This is the stage we are at with Michael. Michael's heirs, Katherine and the children receive an allowance from The Estate as Michael's Estate is still in probate. Once all debts, taxes and court cases have been cleared, then Katherine and the children will recieve their full inheritance and the % of money will be donated to charity, as per the instructions in Michael's will. This is the law

The Executors Of The Estate, John Branca and John Mcclain are in fact minders of Michael's Estate, looking after things as Michael's heirs are minors.

Many fans are under the illusion that John Branca and John Mcclain "own" things like ATV catalogue, Michael's money, etc. This is not true. They just look after things, as per Michael's request in his will. It is Michael's children, as heirs to Michael's Estate who actually own everything.

EDIT.....thanks to @Ivy_4MJ

A little correction. they won't get the full inheritance after the probate because Michael also set up trusts. Money would go to the trusts. KJ will continue to get whatever is needed for her care. Kids will get income starting at 21, assets starting at 30