Michael Jackson, “The King of Pop”, has been given less than a month to pay up to three months’ arrears on his neverland ranch property. The singer is to cough up 24,525,906.61 dollars before March 19, or his property including everything on it will be auctioned off.
Michael Jackson, “The King of Pop”, has been given less than a month to pay up to three months’ arrears on his neverland ranch property. The singer is to cough up 24,525,906.61 dollars before March 19, or his property including everything on it will be auctioned off.
Fox News reported that the auction sale would include the house as well as all personal property inside, including fixtures and appliances, furniture and “all merry go round type devices”, rides and games.
Mr Jackson, 49, who bought the property in 1987, built a zoo and fairground on the 2,800 acre (1,100 hectare) property north-west of Santa Barbara, with the intention of creating a fantasy world where children could go and never grow up, in line with the Peter Pan story.
The report also said that Jackson, who has not lived in Neverland since he was acquitted – almost three years ago– of sexual molestation charges arising from alleged incidents involving a young boy on the same the property – could possibly allow the the auction to proceed.
The property was closed in 2006 after had defaulted on insurance payments and could not pay his staff. Fox also reports that although he refinanced his $300 million loan from Fortress Investments with help from Sony Music, HSBC and Barclays Bank, neverland had been left out of the deal.
Michael Jackson has been struggling to rebuild his career after his aquittal in 2005 and has been living in Bahrain.
