Michael Jackson risks losing Neverland ranch

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Michael Jackson risks losing Neverland ranch

Wed Nov 7, 10:17 AM ET

LOS ANGELES (AFP) - One-time "King of Pop" Michael Jackson is at risk of losing his Neverland ranch in California due to delinquent loan payments, according to documents posted online.
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As of October 12, Jackson owed 23.2 million dollars (11 million pounds, 15.8 million euros) on a 23 million dollar loan he took out in March 2006, according to a foreclosure and notice of default report posted online by the California branch of Fidelity National Financial insurance company.

According to the document, which was first revealed late Tuesday by celebrity website TMZ.com, Jackson put up Neverland as collateral for the loan. Jackson spokesman Raymone Bain had no comment when contacted by AFP.

Default notices in California are usually issued when a homeowner misses their third payment, the website said.

The eccentric music legend has been struggling to rebuild his career following his acquittal for child molestation charges in 2005.

Neverland, some 1,000 hectares (2,800 acres) large, is located in Santa Barbara county some 200 kilometers (125 miles) northwest of Los Angeles.

Jackson left the property in June 2005 after being acquitted of the child molestation charges and has been living in Bahrain, Europe and Las Vegas in the western US state of Nevada. According to TMZ he is currently renting an expensive home in Washington.

In mid-July, Jackson was ordered to pay more than 256,000 dollars (121,600 pounds, 174,000 euros) in overdue fees to a California law firm he employed for work connected to his sex abuse trial.