UPDATE: Neverland: From The Estate Of Michael Jackson

From the Estate Of Michael Jackson:

You will soon be reading news reports stating that Colony Capital has decided to sell Neverland. As the property manager, they have the right to do this. The Estate has issued the following statement in response to a media request for comment:

We are saddened at the prospect of the sale of Neverland which, under the agreement negotiated during Michael’s lifetime, Colony has the right to sell. The Estate will maintain Michael’s family home in Encino, including its iconic recording studio there. We continue to build upon Michael’s legacy as an artistic genius and humanitarian through his music and new projects such as the Michael Jackson ONE show in Las Vegas. We hope and trust that any new owners of Neverland will respect the historical importance and special nature of this wonderful property. Michael’s memory lives on in the hearts of his fans worldwide.

It is also important to the Estate that Michael’s fans understand that although the Estate has no right to stop or obstruct the sale, The Estate did explore a number of potential options for Neverland with Colony but zoning, financial and land use restrictions limited the alternatives and ultimately Colony made the decision to sell.

MJOnline
The Official Online Team of The Michael Jackson Estate™

UPDATED FROM THE ESTATE OF MICHAEL JACKSON:

Last night, we sent you a message from the Estate regarding Colony Capital’s decision to sell Neverland. Many of you have inquired about the Estate purchasing Neverland. As you know, the Estate does not disclose the details of its business dealings but last night’s statement to the fans (not included in the comment to press) states “the Estate did explore a number of potential options for Neverland with Colony” but for the reasons stated none of those options were feasible. This sentence was included specifically for your benefit to let you know that the Estate tried to find a way to keep the sale from happening but for a variety of reasons, it was not possible.

Zack O’Malley Greenburg broke the news in Forbes shortly after we sent you the Estate’s statement: http://www.forbes.com/sites/zackomalleygreenburg/2014/07/31/michael-jacksons-neverland-is-about-to-be-sold/
He offers some further insight you might find helpful in understanding the situation.

Like you, the Estate is sad and disappointed by Colony’s decision. Michael’s legacy is in his music, in his humanitarian efforts, and in his spirit. The Estate hopes that whomever the new owners may turn out to be, that they will continue to appreciate the property not only for its beauty but for its historical and cultural legacy as well.

MJOnline
The Official Online Team of The Michael Jackson Estate™