LOS ANGELES (CBSLA.com) — The estate of Michael Jackson is being sued for $4.58 million over the refinancing of the late singer's Neverland Ranch.
Genesis Group International Inc. and its president and CEO, Kevin Kinsey, filed the breach-of-contract lawsuit Friday in Los Angeles Superior Court.
The lawsuit claims that the King of Pop refinanced Neverland in August 2007 for $45 million. Jackson agreed to pay 10 percent of the loan amount plus fees, totaling $4.58 million.
Genesis paid $46 million into an escrow in January 2008, but the process terminated because the singer did not sign the necessary documents, according to the lawsuit.
Jackson did not comply with a demand to pay the fees and escrow costs owed, the suit claims.
Genesis filed a creditor's claim against the estate, but it was rejected this month by John Branca, who along with John McClain is a special administrator of the estate. Both men are also defendants in the lawsuit.
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