Michael Jackson In Danger of Losing Neverland
Wed, 27 Feb 2008 16:11:38
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Everything on Michael Jackson's fabled Neverland Ranch will be auctioned off at a public Santa Barbara courthouse on March 19 if the pop star doesn't come up with nearly $25 million. And we do mean everything, from bathtubs to the carnival rides. The odds of that actually happening are dwindling by the day, however. According to CNN and a source close to Jackson, a new loan may save Neverland from foreclosure.
"Michael Jackson's ranch is not going to be auctioned off at the courthouse," the insider said. "The financing is all being worked out. There are plenty of lenders willing to work with him. The real estate market is very bad right now and Jackson is being affected just like many other Americans."
CNN also discovered another key fact: Jackson has paid off most, if not all, of his back taxes to the state of California.
"It seems unlikely that someone would pay off back taxes, only to let the ranch go up for auction a few weeks later," a real estate expert explained to CNN.
Whatever happens, one thing remains certain: Jackson hasn't lived at Neverland since June of 2005, when a California jury found him not guilty of child molestation charges. And who knows if he wants to go back, what with the career he's currently rebooting. (A 25th anniversary edition of Thriller recently sold around 166,000 copies in its first week.)
—The ARTISTdirect Staff