August 2, 2014
Barrack's private firm took over the property in 2008 after buying a
$23.5 million note on it when Jackson faced mounting debts and the real
estate market was in free fall. Since then, Colony Capital have poured
in $5 million each year to fund the upkeep of the property. The amount,
combined with the original debt, comes to more than $50 million
investment in seven years.
