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FRIDAY, NOVEMBER 27, 2009
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Cash-Strapped Jacko Could Lose Neverland

King of Pop defaults on $23M loan and has 90 days to pay—or else

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(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.

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.
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
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. (AP Photo/Kathy Willens)
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
Michael Jackson Trial Continues   (Getty Images)
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