LOS ANGELES (CN) – Investors in a failed bid to refinance Michael Jackson’s Neverland ranch sued the King of Pop’s estate administrators in state court over an unpaid $4.58 million “finder’s fee.”
Kevin Kinsey and Genesis Group International sued Jackson’s estate administrators John Branca and John McClain in Los Angeles County Superior Court on May 22, over an oral agreement purportedly made with Jackson in 2007 to refinance the singer’s Neverland Estate to the tune of $45 million.
While the deal never went through because Jackson didn’t sign the necessary papers to close escrow, Genesis says Jackson agreed to pay investors a 10 percent finder’s fee – $4.5 million – and escrow costs of $80,000 regardless of whether the refinancing took place or not, according to the lawsuit.
Genesis demanded the money from Jackson in 2008, and filed a claim with the pop star’s estate after he passed away in 2009. That claim was denied by Branca and McClain earlier this month, investors claim in the suit.
The investors seek $4.58 million in compensatory damages on claims of breach of contract and common counts of goods and services rendered.
They are represented by Rickey Ivie of the LA firm Ivie, McNeill & Wyatt.
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