February 28, 2008 1:04PM

Hidden Treasures

By Alexis Glick

This morning, my colleague, Peter Barnes interviewed Henry Vaccaro, Sr. about the pending forced sale of Michael Jackson’s Neverland Ranch. If Jackson does not come up with the $24 million in interest and other costs by next month, his home will be auctioned off. Henry had business dealings with the Jackson family and sued them when they failed to make payments on a business venture. He is a Jackson memorabilia expert and the owner of one of the largest private Jackson memorabilia collections. He said he received two trailer loads of memorabilia as part of the legal settlement.

So what does he have or better yet, what did he bring on set? He brought a Jackson Family Motown Gold record, personal family photos and a tube of skin bleach that was in Michael’s makeup kit and a special letter from another one of Michael Jackson’s business partners who claimed to have lost $100 million dollars investing in Michael on the Victory Tour and his merchandising license. The letter is from Chuck Sullivan to Michael Jackson. Chuck’s father was the previous owner of the New England Patriots before the Kraft family bought it. Chuck’s family placed all of their assets as collateral to the institutions that loaned them money. When the loans could not be repaid, the family lost the stadium, law partnership, homes and a television company. Actual losses plus the interest amounts to over $100 million. Below are a few excerpts from the letter.

“As you know, you promised me that if I backed you on the Victory Tour and the merchandising license, that I would not get hurt…Since my Dad had helped me to back you, he was forced to sell his most treasured asset: The New England Patriots football team.”

“You told me that the name Michael Jackson would always stand behind Chuck Sullivan if I backed you. I did just as you asked me and now ask you to rescue me and live up to your promise….The Sullivan family name is ruined. My father and mother’s health is in serious condition and they are experiencing intense emotional stress.”

“My children’s future is in doubt – their health, education and welfare have all become a major concern at this time. I know your love for children. Please think of my children and me as well as my parents who are suffering for their child, me.”

Isn’t this a sad story? You wonder what Michael was and is thinking? Why is he where he is today? How did the musical icon that we all grew up with lose so much and impact and hurt so many lives along the way? What will he do next? Does he want to save Neverland? I guess we’ll know the answer to that question in one month, when Neverland goes up on the auction block if he doesn’t come up with $24 million dollars.

Take a look at Peter’s interview with Henry, Art Harris an investigative journalist from The Bald Truth, and Gracee Arthur, an estate agent from Ewing & Associates (a division of Sotheby’s) in California. It’s pretty fascinating stuff. 2800 acres! Can you imagine?