As early as 2006, The New York Times had already written a revealing article about Michael Jackson’s money problems that included real estate difficulties.
We looked the old article up and it was prophetic.
The NYT brought out the fact that Michael’s real troubles started when he began taking bad financial advice in the early 1990’s.
The star who owned the Beetle Catalog made another big real estate investing mistake. He fell emotionally in love with one piece of property, Neverland Ranch.
As we remember it was that strange Disneyland clone of such that was almost foreclosed upon about a year ago.
But as the NYT pointed out, paying for the upkeep of $4 million or $5 million per year, depending upon whom you ask for figures, isn’t the way to make money with real estate.
As we all know, it’s supposed to be the other way around.