Tuesday, February 26, 2008

Neverland Valley Ranch, owned by Michael Jackson, is to be sold at auction on March 19, 2008, unless Jackson pays over US$24 million.

Financial Title Company, the trustee of his Santa Barbara County, California, home and amusement park, has foreclosed on the property. They notified Jackson of the foreclosure and sale on Monday. Jackson had only just recently paid an overdue property tax bill of $600,000.

The court filing, addressed to Jackson, says, “You are in default of a deed of trust … Unless you take action to protect your property it may be sold at a public sale.” Fox News published the filing.

The foreclosure includes the ranch and all possessions on the property, inside or out.

The foreclosure auction will take place in front of the Santa Barbara County Courthouse in Santa Barbara. Jackson has until then to pay $24,525,906.61 he owes the title company.

In 2006, Jackson refinanced previous loans that had been bought up by Fortress Investment Group. The $300-million loan was secured with the aid of Sony Music Entertainment. However, the Neverland property was not part of that deal.

Jackson has not lived at Neverland since June 30, 2005, when he moved to Bahrain after a rape charge and subsequent acquittal.

Wednesday, October 31, 2007

Canadian Finance Minister Jim Flaherty announced a five-year program that could reduce taxes by a total C$60 billion.

The planned tax reduction measures include:

• Low-end personal income tax rates would be reduced from 15.5% to 15%, taking retroactive effect to the start of 2007;
• The basic personal exemption, the amount at which income is taxable, is raised from C$8,929 to C$9,600, also backdated to January 2007;
• Business tax rates are expected regularly drop from the current 20.5% to 15% in 2012;
• The Goods and Services Tax that applies to most purchases would be reduced from 6% to 5% as 2008 begins. This rate was previously reduced from 7% July 2006, shortly after Prime Minister Stephen Harper took office.

These measures will be brought before the House of Commons in Ottawa on Wednesday as a confidence motion. In Canada’s minority government situation, opposition parties could defeat these measures and likely prompt an election. However, opposition leader Stéphane Dion has expressed an unwillingness to defeat the government on this matter.