Streams

Xanadu Company Also Involved with Neverland Ranch

Monday, June 29, 2009

The company responsible for the stalled $2 billion Xanadu project at the Meadowlands, is also central to the fate of Michael Jackson's Neverland Ranch. WNYC's Bob Hennelly has more.

HENNELLY: Colony Capital came to the rescue of the late singer in May of last year when it bought the existing loan on Jackson's sprawling 3,000-acre estate. A spokesman for Colony says under the terms of the re-structured loan, the investment firm became partners with Jackson in the rehabilitation of the high-profile property. In a condolence note on Colony's website, Chairman Thomas Barrack, a former Reagan Administration official, says the company was providing support for Jackson's return to public life. Meanwhile grand opening dates for Colony's ambitious Xanadu Meadowlands project have come and gone with no new date set. In addition to facing the worst retail market in decades Xanadu's developer is in a legal battle with an investor it says backed out. For WNYC I am Bob Hennelly.

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