DJ AM's Burial

DJ AM, whose real name is Adam Michael Goldstein, was buried on Wednesday at the Hillside Memorial Park and Mortuary in Los Angeles, CA. A memorial service is also scheduled for today at the Hollywood Palladium.

Goldstein did not have a will and his mother was listed as the sole heir to his assets. Documents listed his annual income from property at $3.5 million. He also had another $400,000 worth of assets. He had $2.9 million worth of debts at the time of his death.

Death Row Records Auctioned

Death Row Records Company was auctioned for $24 million, which had released albums by Snoop Dogg, Dr. Dre, and Tupac Shakur in the past. On June 24^th, Global Music Group Inc. purchased the music label and its black catalog and its current artist contracts because the company had gone down due to debt and mismanagement.

Financial problems came to Death Row Records recently when a former couple, named Lydia and Michael Harris, took the company to court and stated that they had helped found the label. They won a judgment of $107 million and tried to collect it in 2006. The label was not able to pay the amount and filed bankruptcy in April of 2006 and claimed debts of over $100 million. Also in 2006, a federal judge ordered for a bankruptcy trustee to takeover Death Row Records and said that the label had gross management. The decision to file bankruptcy saved the company from the decision of the court to appoint someone to take control of the record label and its assets.

Jackson’s Neverland Ranch Auction Canceled

The foreclosure auction for Michael Jackson’s Nerverland Ranch that was scheduled for this week was canceled after an investment company called Colony Capital LLC. bought the loan. Jackson hasn’t lived on the property for the past two years and is happy at the way things turned out. He recently had to go into default on the $24.5 million that he owes on the property and has struggled to pay his debts after his decline in finances after his arrest in 2003 on child molestation charges where he was later acquitted.

Ledger’s Will Leaves Nothing to Daughter

It is found that the actor Heath Ledger’s will leaves nothing to his 2 year old daughter and former girlfriend, Michelle Williams; because it wasn’t updated after he met Williams. A copy of the will shows that Leger left everything he had to his parents and three sisters. Ledger’s father has said that the family would make sure that Williams and their daughter would be taken care of.

It is estimated that his belongings are valued at $145,000. This amount includes a $25,000 Toyota Prius, $20,000 worth of furniture and fixtures, and $100,000 in bank accounts. The only debt he had when he died was the rent he owed for February for the New York apartment where he died on Jan 22^nd. He had died of an accidental overdose of prescription medication.

Lend and Borrow Money Online

There are now “peer-to-peer” lending websites that allow people to borrow money at competitive rates from lenders online. There is the site prosper.com, which allows the market to decide who gets funded. The site lendingclub.com is for borrowers with a FICO score above 640 and has a debt-to-income ratio below 30 percent. The site virginmoney.com manages loans between friends and family members. The site zopa.com works with credit union members.

The consequences of defaulting on a peer-to-peer loan are the same as a loan from a bank. Defaulting on a loan can have a negative effect on the borrower’s credit history.