michaeljackson

The mood in the Hamptons has been affected by real estate prices, plunging bonuses and – of course – the ongoing art market slump. But, the collectors gathering at ArtHamptons are trying to keep stiff upper lips. Rick Friedman, its founder and executive director, is saying that now is the best time to enter the art market, with low prices building in an inherently greater upside. And, there's no doubt. If you have the cash to put into the art market – and the inclination to invest in this asset class – now is the time to do it.

The major constraint on the art market isn't the notion that it's a bad time to invest. Any fairly serious art collector can see that this is the time to make a move. Like any other "discount," you can't take advantage of it if you don't have the price of admission. You might be able to pick up the Old Masters for a relative song right now, but if your bonus got slashed this year, the opportunity may not be possible.

So, what's moving at ArtHamptons this year?

Jane Wilson, who one a Lifetime Achievement Award this year, has seen some success, along with Elliott Erwitt, Lillion Bassman and other artists who lean toward decorative pieces. For some, the year's even been positive, with gallery director Joseph Newman calling the first quarter of this year the best he's had. Trompe l'oeil is working well, too. Interested in buying a Madoff joke for $13,500? You can do it with Eric Forstmann's Made Off with the Bail Out Package.

Meanwhile, soft porn is moving ... so, at least someone is making money on the skin business (the hardcore guys sure aren't). Suggestive images have always packed a bit of a thrill, and pieces that ply the flesh are doing well out in the Hamptons this year. Boyarde Messenger's Frilly in Yellow ($3,350) and Changing Rooms III moved for almost three times that amount.

The feel is somewhat upbeat at ArtHamptons this year, but the action is definitely taking place in the emerging artist space. Nonetheless, there are some big ticket items up for sale. At Vered Gallery's booth, you'll find a Picasso, Chagall, de Kooning and Rauschenberg – not to mention a 1984 portrait of Michael Jackson by Andy Warhol. If you're liquid, now's the time to enter the market!

Christian Audigier, the permatan designer behind the flamboyant Ed Hardy style has made a quite a show of his sadness over Michael Jackson's passing. The Los Angeles Ed Hardy store features a billboard and large posters paying tribute to the star and showing Audigier together. Jackson appeared at Audigier's 50th birthday celebration in 2008 and the pair were spotted as recently as last February. Audigier has also said that he was working on merchandising with the King of Pop and that the two were planning on collaborating on a clothing line.

But the strangest rumor comes from TMZ. Their sources say that Audigier will be leasing the Holmby Hills mansion where Michael Jackson was living from Ed Hardy CEO Hubert Guez, who owns the estate. Jackson was renting the seven-bedroom home for $100,000 a month while he prepared for his London shows. Audigier plans to do business from the home and will move his company in to the estate by the end of the year.

Audigier was in London last night for the launch of his new Champagne, the latest addition to his line of wines. Decanter reports that cases of the Champagne wine were stolen from London's MoVida nightclub jours before they were to set to be poured and so still wines were served instead.

The coming months and years will likely see a flood of Michael Jackson memorabilia. Some will be common or have only a tangential relationship to the superstar. Others that have a direct connection to Jackson's iconography will be more valuable. Michael Jackson wore many gloves while performing and so they will be of varying prices but one of only two Michael Jackson electric-white gloves used during the 1984 Victory Tour is likely to fetch a high price when Profiles in History auctions it off in October.

The glove was consigned by its designer Ted Shell who went on the Victory Tour to protect and maintain the glove which is covered with bugle beads, Austrian crystal rhinestones and fitted with 50 small lights which were powered by a nine-volt battery in the cuff. After the tour Jackson gave Shell one of the gloves and kept the other. Joseph Maddalena of Profiles in History estimated the value at $60,000 to $80,000, but it could sell for much more. The glove is one of many Jackson items that will go up for sale at the auction on October 1 and 2, 2009. Other items include costumes, a platinum record for the 20 millionth copy of "Thriller" and one of his fedoras, another of Jackson's signature accessories.

In what is likely to be the first of several auctions, Michael Jackson's estimated $500 million debt was chipped away by $205,000. This is far ahead of the initial estimates of $10,000 to $12,000, showing signs of life in at least one corner of the auction market today.

The auction was not a knee-jerk reaction to the entertainer's death, as it had been scheduled prior to his demise. Items brought under the gavel include a sheer, long-sleeve shirt from the 1984 "Victory" tour. Clearly, the unexpected death pushed prices higher. The shirt went for $52,500, much more than the $1,000 to $1,500 anticipated, and a handwritten letter was purchased for $12,500 – up substantially from the $200 to $300 estimate.

Also on the block were a painting of Mickey Mouse conducting with Pluto singing (acrylic on cardboard) – signed ... twice ... by Michael Jackson. The first painting was in black paint, and the second was in white paint, over the original signature. It sold for $25,000, well above the $1,000 to $1,500 target.

[Photo via Julien's Auctions]

Well, the answer to that question will be hard to come by for quite some time. It seems almost everything in Jackson's roller-coaster life remains unsettled and unquantifiable at this juncture. From the remodeling and hopeful future sale of Neverland Ranch to the would-be profits of his anticipated summer concert tours, everything within Michael's complicated estate will be even more murky as his three children and immediate family wade into the big picture.

It is estimated that MJ's current debt settles around $500 million which was accumulated over years of frivolous spending, two large molestation lawsuits, the yearly upkeep of the Ranch for nearly $10 million annually, property rentals since leaving the Ranch costing $100,000 per month, and other various expenses. Neverland Ranch is expected to sell for roughly $70 to $90 million, of which Michael would receive a sizable chunk, and his summer tours could have netted the comeback star $50 to $400 million depending if he added more concert dates across the globe.
One bright spot in his finances includes music copyrights to 251 Beatles' tunes as well as his own compositions which are most likely worth $500 million to $1 billion.

There isn't any cut-and-dry method that can solve this conundrum but surely when the estate is finally settled, or more likely as pieces of the puzzle come together, it will be a spectacular sum covered by eager entertainment news sources no matter if that number is in the red or the black.

As the world mourns Michael Jackson's death, some are beginning to focus on the future value of Jackson memorabilia. Perhaps no one else is as close to it as Darren Julien, chief executive of the Julien's Auctions. Julien's Auctions specializes in Hollywood collectibles. Earlier this year his company was set to sell around 1,400 Jackson items for auction including Jackson's Rolls Royce, Jackson portraits, costumes and even the gates to Neverland Ranch before the auction was called off by Jackson. It's not known yet if an auction could now take place but even the catalogs that Julien's Auctions had created for the event could be highly collectible.

Jackson-related keepsakes are already on the rise on eBay and elsewhere but buyer beware. Joe Orlando, President PSA/DNA Authentication Services warns of a potential explosion of fake Michael Jackson autographs and counterfeit memorabilia: "This happens every time a famous Hollywood, sports or political celebrity passes away," he says. "Online auctions and flea markets are suddenly filled with spurious signatures, and frankly many collectors don't know exactly what they're buying." Jackson did grant some fans autographs but he was reclusive and didn't offer fans frequent autograph access like some other celebrities. Orlando says that even if the signature is accompanied by what appears to be a certificate of authenticity, that may not offer consumers enough protection. "Collectors who purchase autographs or memorabilia need to know the reputation of the seller and the reputation and expertise of the authenticators. The bottom line is that a certificate or letter of authenticity is only as strong as the name behind it," Orlando said.

Michael Jackson also inspired quite a bit of art. Andy Warhol and Jeff Koons are just two of the artists who used Jackson as a subject. Check out this ArtInfo piece for more on Jackson as a muse.

With the shocking news of Michael Jackson's death many are talking about his planned shows this summer. Jackson has planned to play a series of concerts at England's O2 Arena. The London Times reports that AEG Live, the company behind the concerts, could be facing a liability of up to £300 million and may scramble to find acts to replace the iconic star's performance slots.

Jackson was getting ready for the concerts at the time of his death and an eager public snapped up tickets. At first he was supposed to do 10 concerts but later was signed up for 50 shows. There was some concern over whether or not all those shows would be too much for him. The Times article says that AEG Live had said that it was prepared to "self-insure" the shows.

Jackson's concerts were set to begin on July 13, and elaborate crystal-studded concert costumes had been prepared for the star. The Michael Jackson Live website which contained information on the concert is still online and had not been updated the last time I checked. AEG Live will have to refund the tickets as will Ticketmaster, which also sold Jackson tickets and has a policy to refund the face value of the ticket, plus the booking fee.

Last month, Michael Jackson began his campaign to cancel a huge auction of his personal belongings. Now, a week before the auction, the King of Pop has gotten his way. Auctioneer Darren Julien told Reuters that he has reached an agreement with Jackson that will see the items returned to Jackson after the public exhibit of the 1,400 lots is over. The auction was to be held on April 22-25 and included Jackson's customized Rolls-Royce, costumes, memorabilia, art and custom furnishings. It could have brought in $10 million or more.

It would have been the largest authorized auction of Jackson's belongings and Julien's Auction House spared no expense in putting the auction together. The Reuters article says that Darren Julien spent as much $2 million preparing the sale and the exhibit, even creating a signed and numbered five-volume catalog that would sell for $500. This isn't the first time that Jackson has quashed an auction of his good but it is surprising considering that he originally participated in putting the sale together and even decided to allocate some of the funds to the Music Cares charity. Perhaps now that he is planning to perform again his finances are looking a bit brighter. Jackson is believed to have paid some money in a settlement with the auction house that may result in some of the items finding a permanent public home in some sort of museum-like space.

Michael Jackson is said to be renting a house near haunted caves to stay in during his concerts in London. Reports say he has spent £1 million to rent a large country house near the edge of an ancient 22-mile maze of haunted passageways near Chislehurst Caves in Bromley, in the south-east suburbs of London. The three-story home was built in the 1800s but has been updated to include an underground cinema and an indoor swimming pool. The house is also said to have room for a staff of 20 and a music room.

Michael Jackson's London shows begin on July 8. Rumors about what the shows will be like run rampant including everything from Jackson's request for an elephant, panthers and monkeys to the story floated yesterday that he had asked David Copperfield to be part of the act (it could have been an April Fools Day joke but with Jackson you never know).

Jackson is no stranger to living large and even now that he is basically a renter he still has expensive tastes. He recently spent $100,000 a month for a mansion in the ultra-pricey Holmby Hills area of Los Angeles.

It was supposed to be the first auction of Michael Jackson memorabilia sanctioned by Michael himself, but the Julien's Auctions sale of the contents on Neverland Ranch has hit a snag. The AP is reporting that Jackson has filed a lawsuit to stop the auction which is scheduled for April 22-25. Jackson's company, MJJ Productions, has alleged that Darren Julien of Julien's Auctions promised to send Jackson an inventory of sale items, but that Jackson hadn't given permission to move them all. The quotes from the suit are pretty inflammatory claiming that the attempt to sell the goods is "malicious, fraudulent, extreme, outrageous and without any legal justification whatsoever."

It is set to be an astounding event, an eight-part auction in Beverly Hills featuring over 2,000 of Michael Jackson's possessions including suits of armor, a throne, a cape, a portrait of Michael Jackson in Elizabethan dress, rhinestone gloves and socks, costumes, awards and even his Rolls Royce limousine (you can see a photo gallery here). Julien's Auctions has already created a signed and numbered five-volume catalog sells for $500 and the auction is to be preceded by a seven-day exhibition.

This isn't the first time that Jackson has protested a sale of his things. He claimed he had no idea a 2007 sale of Jackson memorabilia at Guernsey's was set to take place. In the current case Jackson clearly knew the auction was set to take place and had authorized it. It may be that he is having second thoughts about losing his possessions and is hoping that his plans for a comeback tour will net him enough money to avoid selling the many gilded objects he holds so dear.

The contents of Neverland Ranch are finally heading to the auction block this April. Julien's Auctions will be auctioning off more than 2,000 of Michael Jackson's possessions April 22-25 in an eight-part mega-auction in Beverly Hills. Jackson decamped from Neverland a while ago and it has quietly been renamed Sycamore Valley Ranch. This is the first sale of his property that Michael Jackson has sanctioned. The Guardian reports that when Darren Julien and his team of auctioneers went in to assess the ranch's goods they were astounded by both the number and style of the objects they discovered. Many items are made of bronze or marble with elaborate gilding. PIeces include suits of armor, a throne, a cape, a portrait of Michael Jackson in Elizabethan dress, rhinestone gloves and socks, costumes, awards, even his Rolls Royce limo is up for sale for an estimated $140,000 - $160,000.

The Guardian has a photo gallery which shows some of the pieces for sale. Jackson has to be one of the wealthiest and most ego-driven packrats in the world. His childlike acquisitiveness manifests in his collection of video game machines, Disney art and Peter Pan memorabilia and much of it bears his image in his prime. It's an astonishing display of wealth without restraint. There's something in nearly every price point, from small rhinestone brooches to elaborate pieces of art and statuary. Given the sheer amount of objects up for grabs Jackson could stand to make quite a tidy haul. Even the signed and numbered five-volume catalog sells for $500.

Julien's Auctions will host a seven-day exhibition at 9900 Wilshire adjacent to The Beverly Hilton open to the public April 14th to April 20th. A portion of the proceeds will benefit MusiCares®, a charity of The Recording Academy®. Auction Network will also broadcast the auction live on national television and stream video of the auction online and people all around the world can bid in real time on the items up for sale.

Michael Jackson's been laying low in recent years but that may be about to change. TMZ reports that Jackson has leased himself a huge spectacle of a house in one of the most exclusive areas of Los Angeles, Holmby Hills. It is said that Jackson is paying an astounding $100,000 a month for the chateau style seven-bedroom home which was recently on the market for $38 million. It is owned by Roxanne Guez and was bought in 2004 for $18.5 million by her husband Herbert Guez. The three-story Richard Landry designed home was built in 2002 and includes a library, theater room and wine cellar. There is also a pool and a guest house on the property. The big mystery here is how Jackson is able to afford such an expensive rental since he's been in financial trouble for years.

The date has finally been set, unless the situation drastically changes, Michael Jackson's Neverland Ranch will be sold at auction on March 19 becoming what is likely the country's most famous foreclosure. According to Fox News, Jackson received word Monday from Financial Title Company that unless he comes up with $24,525,906.61 by that date, a public auction will go forward in Santa Barbara in front of the county courthouse. The house and everything inside and around, personal property, the rides on the grounds, all of it is going.

Jackson hasn't been spotted at Neverland since June 2005. In that time he's lived in Bahrain, Ireland and Las Vegas among other pit stops on his global tour. It is assumed that Jackson will just do nothing and let the property go up for auction since he probably does not have the money even though he refinanced his $300 million loan from Fortress Investments with help from Sony Music, HSBC and Barclays Bank.

Jackson moved out of Neverland after he was acquitted of child molestation charges. He did pay around $600,000 in property taxes last month. If no one bids on Neverland then Fortress Investments will take possession of the property and will likely put it on the market through a Santa Barbara real estate agent.

UPDATE: CNN quotes a Jackson source as saying Michael is trying to work out the financing.

From the Real Estalker:
--The Desert House, the sleek and modern prototype for the deluxe prefabs created by starchitecture firm Marmol Radziner in Desert Hot Springs has been listed at $1.85 million.
--Did Scott Baio move to a five-bedroom house in Encino? The Real Estalker Mama reports that Baio and his wife, Peaches Renee Sloan, still occupy Baio's home on Royal Oak Road in Encino. It looks like the couple "bought" the new home on the show for reality drama's sake.
--Rande Gerber and Cindy Crawford are renting out a beach front four-bedroom home in Malibu for $22,500 a month.
--Rumors have been swirling that Britney Spears bought a new house in Hermosa Beach before she went into the hospital. The home in question appears to be owned by professional photographer Dani Brubaker (who recently took pictures of Britney and her children for OK Magazine) and it seems unlikely that Britney actually bought this home.
--Has billionaire Ron Burkle helped Michael Jackson save Neverland Ranch? Roger Friedman at Fox News has reported that Burkle might have intervened of Jackson's behalf to provide an extension to give Jackson time to refinance.
--Jennifer Aniston has moved out of the Malibu cottage she's been renting since 2005.
--Jermaine Dupri has listed a five-bedroom home in Atlanta, Georgia for $1.5 million. The listing is here.
--Melrose Place actor Grant Show has listed his three-bedroom house in the Beachwood Canyon for $1,995,000. The listing is here.
--Singer Dido has listed her house in the prestigious Bird Streets area of Los Angeles for $4.6 million. The listing is here.

From the Wall Street Journal's Private Properties:
--A Parisian home that once belonged to Impressionist painter Pierre-Auguste Renoir is on the market. It is out estate of the day later today.
--NBA point guard Baron Davis of the Golden State Warriors has sold a pair of adjacent condos in West Hollywood for $2.66 million.
--Investment banker Warren Woo has paid $20 million for a house in Los Angeles, plus $2 million more for furnishings.

From the NY Observer's Manhattan Transfers:
--A two-floor penthouse at 530 East 72nd Street which was lived in by Frank Sinatra and Mia Farrow and then by Andy Warhol's physician, Denton S. Cox is on the market for $5,995,000 and it's a real fixer-upper. The listing is here.
--Ex-F.B.I. Special Agent Ali Soufan, who now works for Guiliani Partners, and his wife just paid $1.7 million for a new Manhattan apartment.
--Stephen Drucker, House Beautiful's editor, and real estate agent Frank Newbold closed this month on a two-bedroom co-op at 125 East 74th Street for $1.45 million.
--Parker Posey, who late last year listed her apartment in an 1845 brownstone on East 10th Street near Third Avenue for $1.175 million, is in contract to buy a $1.35 million one-bedroom co-op at 30 Fifth Avenue.
--Salman Rushdie's ex-wife, 37-year-old Padma Lakshmi, the model-turned-Top Chef hostess paid $1,651,111 for a long, full-floor loft in Alphabet City.

From Berg Properties Big Time Listings:
--Wilmer Valderrama has sold a home in Tarzana for $1,750,000 after it had been listed for $2,250,000 and later reduced to $1,950,000.
--Rupert Murdoch has taken $2,000,000 off the asking price of his Long Island, N.Y. mansion, Rosehearty, reducing its listing price from $14,800,000 to $12,800,000. It was our estate of the day back in July.

From the NY Post's Gimme Shelter:
--A new record residential price has been set for the North Fork of Long Island. A 135-acre estate that includes a 19-acre vineyard has been sold for $19.5 million. The original asking price for Indian Neck Farm was $22 million when it went on the market in 2006.
--Edgar Bronfman Jr. and his wife, Clarissa, finally have taken possession of their 11-room co-op at 1040 Fifth Ave.
--Author and interior decorator Regina "Gigi" Mahon has paid just over $14 million for two condo apartments on the fifth floor at the soon to be completed Plaza.
--Polo-playing communications mogul Adam Lindemann has found a new oceanfront Hamptons hideaway in Montauk for $21.5 million.

From the LA Times Hot Property:
--Keith Yamashita, a high-powered business consultant, has listed his contemporary Manhattan Beach home at $3.449 million because he and his partner, Todd Holcomb, are planning to return to San Francisco, where their 10-year-old company, Stone Yamashita Partners, is based. The listing is here.

From AOL Real Estate:
--A list of America's richest counties.

From The Wall Street Journal's Private Properties:
--Saudi Arabia's Prince Bandar bin Sultan may not be selling his big $135 million Aspen home but he did sell another home in Aspen for $36.5 million. He has now sold half of the six contiguous Aspen properties he owned. The property sold, Star Mountain ranch, has a 15,000-square-foot mountain home on 67 acres. The buyer is Jeffrey Soffer, chairman and chief executive of Florida real-estate firm Turnberry Ltd.
--Ellen DeGeneres didn't get the $24 million she wanted for her Montecito estate,, shown above but she did make $20 million on the property she paid $15.75 million for. It was our estate of the day earlier this year.
--Investment banker Vikram Gandhi is asking $20 million for his Upper East Side town house, which is where Eleanor Roosevelt lived in her final years. The listing is here.

From the NY Post's Gimme Shelter:
--Socialite Anne Slater has sold her co-op residence at 998 Fifth Ave. for $18 million to Seagram's heir Matthew Bronfman.
--A new record closing price for a Harlem residence has been set $6.6 million. Real-estate investor Rodney Propp and his wife, Eleanor, are leaving their Park Avenue apartment for a Central Park-fronting, 5,500-square-foot condo at 111 Central Park North. The record will likely be broken soon, the building's three-level, multi-terraced penthouse - which was the Esquire "Ultimate Bachelor Pad" - is in contract for $8.5 million.
--A three-bedroom condo at the Plaza is available for $60,000 a month.

From the NY Observer's Manhattan Transfers:
Kathleen M. Waldron, an ex-Citigroup exec who became Baruch's president in 2004, was offered the A-line penthouse at Grand Madison, the 101-year-old ex-showroom at 225 Fifth Avenue that was turned into condos this year. But, according to school spokesman Jay Hershenson, Dr. Waldron didn't want the apartment, which the City University of New York closed on last month for $2.45 million.

From Celebrity Big Time Listings:
A 4,250-square-foot house in Los Angeles' Hollywood Hills that 1950s teen idol Bobby Darin once lived in has sold for $2,912,500 to hotelier Jason Pomeranc. The home was listed early this year for $3,689,000.
--The official numbers are in, Jamie Kennedy paid for $2.15 million for a 2,342-square-foot house in Los Feliz that had been on the market for $2.275, million.
--Soap opera actor Sebastian Roche, who recently paid $1,525,000 for a house in Venice, California has sold his 117-acre estate in upstate New York for $2.7 million.
--Singer Natalie Imbruglia has sold her Mediterranean-style house in the Sunset Strip area for $3.725 million. It was originally listed at $4.5 million.
--David Draiman, the lead singer of the band Disturbed, has sold his castle-like house in Northridge for $2,580,000. He bought in late 2005 for $2.535 million.
--Motley Crue bassist Nikki Sixx and his ex-wife, former "Baywatch" babe Donna D'Errico, have sold their six-bedroom, 5,269-square-foot house in Agoura, Calif. for $1,900,000. We covered this as our estate of the day when it was listed at $2.995 million.
--Marilyn Manson has sold his house in Chatsworth for $1,025,000. He bought the home in 2004 for $1,270,000.
--via the Wall Street Journal, Blink-182's Tom DeLonge has listed his house in Rancho Santa Fe, CA for $6.25million or $6.295 million depending on which source you consult. The MLS has it at $6.295 million. Apparently DeLonge is quite the buyer and seller in the San Diego county area and seems to have really great taste.

From the Real Estalker:
--More bad news for Michael Jackson. Not only is Neverland Ranch still looking at a January 19th foreclosure, Roger Friedman at Fox News has reported that according to the L.A. County Treasurer, the Jackson family home in Encino CA is in tax default to the tune of $16,283.10. Jackson is also the owner of record on this home and there is $4,000,000 mortgage on the five-bedroom property.
--Model Carolyn Murphy has put her Brentwood, California home on the market for $3.65 million. The Spanish-style home does not have a pool but it has a beautiful slightly bohemian feel. The listing is here.
--Actor Jason Biggs has listed his 1924 Beechwood Canyon home home. The charming and private three-bedroom home is listed at $1.549 million.
--The Real Estalker Mama delivers the delicious scoop on just how Ellen DeGeneres and Portia Di Rossi came to purchase the Beverly Hills home belonging to Max Mutchnick. The home was not listed, no brokers were involved, it was just love at first sight for the ladies and $30 million later it was theirs.
--Rumor has it that Orlando Bloom is painting his home black on the outside.
--Lost star Matthew Fox has put his four-bedroom Manhattan Beach home on the market for $2,275,000. Fox bought way back in 1999 for $800,000. Fox may have moved out a while back.
--Stevie Nicks may have sold her Arizona home for $3 million, it was our estate of the day earlier this year. Nicks may also be putting her Southern Colonial style house in Pacific Palisades on the market for $14 million. She reportedly bought the home in June of 2005 for $9,000,000 but wants to downsize and may also believe that the home is haunted.
--the Real Estalker highlights an article from Newsweek on the homes of the Presidential hopefuls. My, my they live well.

From the LA Times Hot Property:
--Frankie Muniz has listed his Sunset Strip home for $3.875 million. It is our estate of the day later today.
--Roamnce novelist Leigh Court and her husband, rock-and-roll tour producer Timm Woolley have put their 11-acre Malibu estate on the market for $2.95 million. The listing for the architecturally interesting home with views of the ocean and mountains is here.
--M.J. Diebold has bought a Beverly Hills home for close to $3 million. She plans to paint it pink and green to mimic the Beverly Hills hotel.
--A John Woolf-designed home in the Hollywood Hills once owned by comedian Paul Lynde has come on the market for $2.95 million. The property website for the classic three-bedroom villa is here.