Michael Jackson To Set Up In Vegas? Possible, Says Source

A private equity firm is looking to cash in on Michael Jackson.

The Los Angeles-based Colony Capital, which bailed Jackson out when his Neverland Ranch was almost in foreclosure, has approached the self-proclaimed King of Pop about becoming a Vegas act, a source close to the discussions tells Access.

According to the source, among the options being discussed as a form of repayment for the $23 million Colony Capital shelled out to save Jackson, is having the singer perform up to 180 days at a custom-built theater at the Las Vegas Hilton, which is owned (conveniently enough) by the investment firm (When Celine Dion signed a similar deal, she earned more than $400 million in four years). Other scenarios being bandied about by Colony Capital include having Jackson singing at possibly other Las Vegas venues or performing between 20-30 times a year, along with his brothers, at a tribute show, akin to The Beatles “Love” show by Cirque du Soleil.

Jackson, whose career and finances went south after being accused (and later acquitted) of child molestation in 2005, has since lived out of the public eye in Ireland, Bahrain, Dubai, and now in Pahrump, Nevada, just 60 short miles away from Sin City.

The source claims Colony Capital further would like Jackson to sell Neverland Ranch and distance himself from the home where he had eyebrow-raising sleepovers with children. Colony Capital CEO Tom Barrack acknowledged to the Wall Street Journal, “we’ve been having discussions with Mr. Jackson about a recapitalization and refinancing of Neverland in addition to various other business opportunities and mutual interests.”

According to other reports, among the other “business opportunities” being discussed with Jackson are proposed television specials to rehabilitate his image. One reported appearance would have Jackson addressing the molestation allegations, and noting that he was exonerated. A second TV special would have him performing – as part of a charity event – to show the public that he can still entertain.

The source tells Access Hollywood that Jackson, who is reportedly $400 million in debt (though his stake in Sony/ATV Music Publishing is worth $500 million or more), is definitely in “discussions on various matters” with Colony Capital to help him out.

Colony Capital issued Access Hollywood a “No comment,” while spokespeople for Jackson and the Las Vegas Hilton did not return calls.