LOS ANGELES (CelebrityAccess MediaWire) — The former King of Pop, Michael Jackson may be the next act to take up a residency in Las Vegas, at least if private equity group Colony Capital has their way.
According to Reuters, Colony bought the loan that Jacko had on his Neverland Ranch in order to help the troubled singer avoid foreclosure and as a way for him to pay off his estimated $23 million debt, they've floated the idea that he does a residency at their Vegas casino. Colony owns both the Vegas Hilton and has a major stake in the Station Casino chain.
"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." Colony Capital CEO Tom Barrack told the Wall Street Journal.
Among the ideas that Reuters reported were under consideration would be a regular gig at one of Colony's hotel-casinos, playing 180 shows a year. Another would be the creation of a "musical extravaganza" that possibly featured Jackson's brothers in which Jackson himself would appear 20-30 times a year.
Colony is also reportedly pressuring Jackson to appear on media outlets like Oprah Winfrey and possibly his own TV special, to try to reconnect with his fans and put the Neverland business behind him. His last effort to explain himself to the public during a Granada Television documentary, when he openly acknowledged sleeping with other people's children, would hopefully serve as a guide, perhaps helping the singer to improve such interactions in the future. – CelebrityAccess Staff Writers
