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September 5, 2008 9:13:07 PM CDT

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Jackson's Neverland Foreclosed

Posted Feb 27, 08 3:25 AM CST in Arts & Living 

(Newser) – Creditors have foreclosed on Michael Jackson’s Neverland Ranch, which will be auctioned March 19 if the King of Pop doesn't pony up $24.5 million by that date, Fox News reports. If the sale goes through, Jackson would lose everything in the California house, including furniture and relics of its amusement park. He may let it go, Fox says: he beat it for Bahrain in 2005.

The sale would also mean losing a zoo he added to the 2,800-acre property, though animals were removed after Neverland was shuttered in 2006, Reuters says. Jackson lacks the funds to fight the foreclosure of the ranch, which he bought in 1988. Along with his publishing rights, already heavily leveraged, the ranch is one of Jackson’s two largest assets.

Sources Fox News, Reuters

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Michael Jackson flashes a V-sign to Japanese media upon his arrival at Narita international airport, near Tokyo in this 2007 file photo. Jackson faces losing his Neverland ranch because of $24.5 million...   (Associated Press)
The entrance to pop star Michael Jackson's Neverland Ranch home is seen in this Dec. 17, 2004 photo, in Santa Ynez, Calif. Jackson could lose his ranch thanks to an outstanding balance of $24.5 million....   (Associated Press)
Pop star Michael Jackson poses on the red carpet during the RainbowPUSH Coalition Los Angeles 10th annual awards dinner celebrating Jesse Jackson's 66th birthday, on Thursday, Nov. 8, 2007 in Los Angeles....   (Associated Press)
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celebrity  • California  • foreclosure  • auction  • Michael Jackson  • ranch  • Neverland


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