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Michael Jackson’s Neverland Ranch To Be Foreclosed | ||||||||||||
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| Wendy Aron, 02.27.2008, 10:50 AM | ||||||||||||
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| (EZ-Tracks) - Michael Jackson faces the foreclosure of his famed Neverland Ranch in California on March 19 if he does not pay an estimated $25 million, according to property documents found by FoxNews.com and reported on by Reuters. The report indicated that the pop icon had been formally apprised of the forced sale and that legal documents have also been filed with the Santa Barbara County Recorder's office "You are in default of a deed of trust ...," Jackson was told in the five-page filing, according to a copy of the document published by FoxNews.com. "Unless you take action to protect your property it may be sold at a public sale." According to the documents, if Jackson fails to pay the outstanding balance, estimated at $24.5 million, Neverland would be sold to the highest bidder at a public auction on the courthouse steps. The onetime "King of Pop" has owned the 2,800-acre ranch outside Los Angeles since 1988, naming it after the fantastical island where children never grow up in J.M. Barrie's Peter Pan stories. Reportedly, Jackson has spent little time at the ranch since being accused and acquitted of molesting a young boy there in 2005. | ||||||||||||
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