Thomas J. Barrack Jr., the Los Angeles financier whose Century City private-equity firm, Colony Capital, owns Neverland, has written an open letter to the Santa Barbara community urging residents to “adopt an attitude of hospitality, warmth and tolerance."
Barrack has owned a home five miles from Neverland for decades, and his children used to attend field days on the property.
Colony Capital effectively bought Neverland when Jackson defaulted on a loan. The deal was structured as a joint venture, with Colony owning the ranch and Jackson getting a cut of certain profits if the property were developed.
An Open Letter to the Santa Barbara Community
From Thomas J. Barrack, Jr.
Read the letter here:
