EXCLUSIVE: Lawsuit Filed Against Jackson Estate

Oct. 9 2009, Updated 5:41 a.m. ET

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It's another day, another claim against the Michael Jackson estate.

William Bone is suing the Jackson estate for an undisclosed amount over the proposed sale of a Santa Barbara property known as the Sycamore Valley Ranch.

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Bone claims Jackson wished to buy the property from him but they could not agree on fair market value therefore to consummate the deal an agreement of purchase was entered into on or about February 27th 1988.

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Meaning, Bone accepted a lower selling price than he thought the property was worth with the agreement that when the property was resold Jackson would split the profits with him.

Another stipulation of the agreement was that Jackson would maintain the property and carry out improvements as needed, something Bone believes has not happened.

Bone claims that Jackson transferred ownership of the property to Sycamore Valley Ranch Company on November 10, 2008 and that he was not informed. He now asks that he receive his share of the profits when the property is sold, as he believes will happen.

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