Skip to: Content
Skip to: Site Navigation
Skip to: Search

October 6, 2008 9:39:45 AM CDT



Cash-Strapped Jacko Could Lose Neverland

Posted Oct 26, 07 2:10 PM CDT in Arts & Living Gossip US 

(Newser) – Michael Jackson has defaulted on a $23 million loan against his storied Neverland Ranch, and he’ll lose the Santa Barbara fortress if he doesn’t pay in 90 days. The King of Pop is in his worst financial situation ever, says Fox News, and speculation is mounting that he’ll declare bankruptcy to limit the damage.

Jackson’s 50% interest in Sony’s music publishing company may be worth a whopping $600 million. But the news gets ugly for Elvis’ ex-son-in-law when you total the defaulted loan, a separate $300 million loan, several unpaid settlements, massive legal bills, and a pending $7 million lawsuit brought by the prince of Bahrain.

Source Fox News

0 comments | Print E-mail | Digg Seed this on Newsvine Add this link to Del.icio.us StumbleUpon
Michael Jackson's Neverland ranch in Santa Barbara. The singer could lose his storied estate as he defaulted on a $23 million loan, and has 90 days to pay.   (Getty Images)
Michael Jackson delivers his speech to fans during an event "Fan Appreciation Day" in Tokyo on March 9, 2007. A Los Angeles judge on Monday ordered Jackson to pay $175,000 in overdue attorneys' fees to...   (Associated Press)
Entertainer Michael Jackson, right, poses with French mime artist Marcel Marceau in this Dec. 4, 1995 file photo, at the Beacon Theatre in New York City. Marceau died Saturday Sept. 22, 2007 aged 84....   (Associated Press)
Michael Jackson Trial Continues   (Getty Images)
« Prev« Prev | Next »Next » Slideshow
Our editors also recommend:

Threads (
1
 of 1)

Tags

Sony   Michael Jackson   default   loan   Bahrain   Santa Barbara   Neverland   Elvis



Loading...

Premium Articles from HighBeam

Find more articles like this

Today's Most Popular

Loading...

Other US Stories


What is Newser?

2008 Codie Finalist

Newser gives you more news in less time. We search for the best and most important stories all over the web, read them for you, and deliver concise and sharp summaries—along with links to the full text. Newser provides a way to stay on top of an ever-expanding horizon of news and opinion—politics, sports, business, trends, technology, personalities, crimes, and controversies. Newser keeps you not just better informed, but, with our signature graphic interface and smart condensed format, more enjoyably informed.

Learn more »