By Shannon Carlin, Radio.com
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The 2,700 acre property in California’s Santa Barbara County, which the King of Pop bought back in 1988, is owned by a private investment firm called Colony Capital, which bought it in late 2007 for a mere $23.5 million when the King of Pop was heavily in debt. It was revealed last year in court that Jackson was three to four months behind on payments for the sprawling estate accompanied by a $702 million IRS bill that his estate is currently appealing.
Since taking over the property as a personal favor to Jackson, billionaire Tom Barrack of the Colony Capital firm has invested $5 million a year for the property’s upkeep, which combined with the original $23 million investment and other miscellaneous expenses comes to an estimated $50 million investment in just seven years.