Genesis Group International claims to have lent 45 million dollars to help securing Neverland Ranch, but the late singer allegedly has failed to pay 10 percent of the loan amount.
The executors of Michael Jackson's estate have dodged a $4.58 million (3.05 million pound sterling) creditor's claim from the lending company behind the refinancing of the Neverland Ranch - because company bosses missed the deadline for submissions. Executives at lending firm Genesis Group International claimed they had helped Jackson secure a $45 million (30 million pound sterling) loan to prevent the California property going into foreclosure in 2007.
The late singer was alleged to have agreed to pay Genesis 10 per cent of the loan amount plus fees - but Jackson is said to have fallen behind on payments amounting to $4.58 million. Genesis bosses demanded repayment from the Jackson estate earlier this year but the executors failed to act on the notice and the lenders were expected to join the long list of creditors vying for a slice of the superstar's fortune.
But the bosses at Genesis had not filed a creditor's claim by the January deadline, leaving them ineligible to claim back the cash they're allegedly owed, reports TMZ.com. The list of creditors fighting for a stake in Jackson's assets include his former skin doctor Arnold Klein and choreographer LaVelle Smith Jr. Even his sister, Janet Jackson, and brothers Jackie, Tito, Jermaine, Marlon and Randy are reportedly listed as potential creditors.
The pop legend died a year ago on June 25.