Oct 18, 2017 07:36 AM EDT

Thomas J. Barrack To Buy Weinstein Co.’s Assets?

Reports are doing the rounds that a very influential and wealthy private equity investor, Thomas J. Barrack is negotiating to buy a large portion of the Weinstein Co.’s assets.

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High-profile celebrities who've been accused of sexual misconduct since Harvey Weinstein

The person who is negotiating to buy the Weinstein Co. is the very well known and super-rich private equity investor, Thomas J. Barrack Jr. His firm is reportedly in talks to buy "all or a significant portion" of the Weinstein Co.'s assets, the company has said. The realtor has some history with a lot of celebrities for bailing them out when they were in trouble.

The 70-year-old became very famous outside the property sector when his company Colony Capital, now part of Colony NorthStar Inc, took over King of Pop Michael Jackson's Neverland ranch in 2008. So this arrangement helped Jackson to clear potential amounts of debts on the property near Santa Barbara, which is still owned by Barrack's firm.The man has also helped Annie Leibovitz, a photographer who is popular for her work with various musicians and film stars. Barrack supported her when she was in debt and also helped her in raising money back by promoting her work and sales of limited edition prints.

Earlier media mogul Harvey Weinstein who was alleged of sexually harassing and assaulting stars and co-workers was fired from his film company. Reports are floating that Barrack's firm is negotiating the deal but it's not very clear as to if Weinstein or his brother Bob Weinstein would be a part of the firm or not. However, the spokesperson for Barrack refused to comment on this matter.

Barrack has also been in the spotlight as he is very good friends with President Donald Trump who a major part of Hollywood love to hate. The two became friends when Trump Hotels & Casino Resorts Inc. rose to heights in the late1990s and Barrack offered to pay a high price for it and buy the shares to which Trump had refused. Then he became a major fundraiser for Trump and also became the chairman of Trump's inauguration committee. Before becoming a real estate investor Barrack was in Washington, D.C, and he served as a deputy undersecretary for the U.S. Department of the Interior in the Reagan administration.

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