Michael Jackson’s Neverland Ranch Heading for Foreclosure
After having bankruptcy and money trouble rumours swirling for a while, Michael Jackson’s home, Neverland Ranch in Santa Barbara, California is listed on the state’s Notice of Default report that was just issued.
According to that report, Jackson is, as of October 12, delinquent $23,212,963 on a $23,000,000 loan. Notice of Defaults in the state of California typically go out when a homeowner misses their third payment. After 30 days, the homeowner is issued a foreclosure notice. According to this document, it appears the King of Pop is $212,963 delinquent on the loan’s principal of $23 mil.
After the police searched his home in the child molestation allegations against him, the singer vowed to never return to the fabled ranch. He has been living overseas and in Las Vegas for quite some time.
photo source: AP/Fame
POSTED BY: Daisy
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