Vol. 5, No. 7, July 2008
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Jacko at the Hilton?
It was revealed last month that Colony Capital, the owner of the Las Vegas Hilton, as well as Resorts and the Hilton in Atlantic City, had bought the $23 million loan on Michael Jackson’s Neverland estate in California last year. The company has been discussing with Jackson options for repaying the loan and one of the scenarios is signing him to a long-term contract to conduct an entertainment extravaganza in Las Vegas. While there has been no agreement on a show, sources say, Jackson is eager to make a comeback to validate his continuing popularity. An aborted attempt at a comeback was made in London in 2006 but panned by critics. Since then, however, the re-release of his classic album Thriller demonstrated strong sales. Jackson has been mired in debt for years and the Colony involvement is a shrewd move by its chairman, Tom Barrack. The Hilton struck gold with a Barry Manilow revival and the “city of second chances” may do the same for Jackson, who was accused in the past of child molestation. He was either acquitted or the charges were withdrawn after a settlement. “We've been having discussions with Mr. Jackson about a recapitalization and refinancing of Neverland in addition to various other business opportunities and mutual interests,” Barrack told the Wall Street Journal.
