Sources: My News LA | All Things Michael
A lending company is suing the estate of Michael Jackson for $4.58 million for services connected with the refinancing of the late singer’s Neverland Ranch.
Genesis Group International Inc. and its president and CEO, Kevin Kinsey, filed the breach-of-contract suit Friday in Los Angeles Superior Court.
An attorney for the Jackson estate could not be immediately reached.
The lawsuit states that the King of Pop refinanced Neverland in August 2007 for $45 million. Jackson agreed to pay 10 percent of the loan amount plus fees, totaling $4.58 million.
Genesis paid $46 million into an escrow in January 2008, but the process terminated because the singer did not sign the necessary documents, the suit states.
Jackson did not comply with a demand to pay the fees and escrow costs owed, the suit states. He died in June 2009 at age 50 of acute propofol intoxication.
Genesis filed a creditor’s claim against the estate, but it was rejected this month by John Branca, who along with John McClain is a special administrator of the estate. Both men are also defendants in the lawsuit.
— City News Service
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