Michael Jackson faces forced sale of Neverland
Posted by Media Outrage on February 27, 2008
Michael Jackson’s famed Neverland Ranch in California will be foreclosed and sold on March 19 unless the pop star pays a balance of nearly $25 million, property records showed on Tuesday.
Jackson has been formally apprised of the foreclosure 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. “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.
Jackson has owned Neverland since 1988.
