I have posted the article so it does not go missing:
http://articles.latimes.com/2009/may/31 ... -jackson31To this financier, Michael Jackson is an undervalued asset
Others have tried to revive the onetime pop star's performing career. Tom Barrack is convinced he's the 'caretaker' to do it.
May 31, 2009|Chris Lee and Harriet Ryan
Tom Barrack, a Westside financier who made billions buying and selling distressed properties, flew to Las Vegas in March 2008 to check out a troubled asset. But his target was not a struggling hotel chain or failed bank.
It was Michael Jackson. The world's bestselling male pop artist was hunkered down with his three children in a dumpy housing compound in an older section of town. At 49, he was awash in nearly $400 million of debt and so frail that he greeted visitors in a wheelchair. The rich international friends who offered him refuge after his 2005 acquittal on molestation charges had fallen away. His Santa Barbara ranch, Neverland, was about to be sold at public auction.
In Jackson, Barrack saw the sort of undervalued asset his private equity firm, Colony Capital, had succeeded with in the past. He wrote a check to save the ranch and placed a call to a friend, conservative business magnate Philip Anschutz, whose holdings include the concert production firm AEG Live.
Fifteen months later, Jackson is living in a Bel-Air mansion and rehearsing for a series of 50 sold-out shows in London's O2 Arena. The intervention of two billionaires with more experience in the boardroom than the recording studio seems on course to accomplish what a parade of others over the last dozen years could not: getting Jackson back onstage.
His backers envision the London shows as an audition for a career rebirth that could ultimately encompass a three-year world tour, a new album, movies, a Graceland-like museum, musical revues in Las Vegas and Macau, even a "Thriller" casino.
"You are talking about a guy who could make $500 million a year if he puts his mind to it," Barrack said recently. "There are very few individual artists who are multibillion-dollar businesses. And he is one."
Others have tried to resurrect Jackson's career but failed, associates say, because of managerial chaos, backbiting within his inner circle and the singer's legendary flakiness.
Even as Jackson's benefactors assemble an all-star team -- "High School Musical's" Kenny Ortega is directing the London concerts -- there are hints of discord. Last week, two men identified themselves as the singer's manager; a month before, a respected accountant who had been handling Jackson's books was abruptly fired in a phone call from an assistant.
But Jackson's backers downplay the problems. "He is very focused. He is not going to let anybody down. Not himself. Not his fans. Not his family," said Frank DiLeo, his current manager and a friend of three decades.
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